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What to expect in 2020

Jan 9, 2020 10:50:02 AM

2020 is a year the Title Research team is looking forward to for a few reasons.

After the recent general election, new laws and rules could be on our doorstep, there are some lingering news items from 2019 that may come to a close in the near future and our team is getting involved in some exciting initiatives to improve how we work with you.

So if you’re wondering what trending topics we’re keeping an eye on as we jump into 2020, here’s a list to get us started:  

Probate fees

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A look back: In 2019, we awaited the implementation of a dramatic increase to probate fees. Instead of the current fixed fee of £215 for all estates, the fee would vary depending on the value of the estate, starting at £250 to a maximum of £6,000! Additionally, the current estate value threshold would have been raised from £5,000 to £50,000. 

This would have greatly impacted bereaved families across the UK, but the proposal was withdrawn on the 14th of October 2019.

Looking forward: Will this come back to the table in 2020? We’re unsure. However, we’ll continue to monitor any discussions on this topic closely throughout the year.

 

Lloyds Bank

A look back: Late last year, news broke about an error at Lloyd’s Bank that resulted in thousands of Wills held by the bank not being passed onto their customers’ families. The impact of this included the possibility of large sums of money being distributed to the wrong beneficiaries.

Looking forward: We may never truly know the full extent of this blunder for numerous reasons, however, the incident has raised some vital questions such as:

  • Were estates distributed to beneficiaries using incorrect versions of a Will?

  • Will there be other Will banks like this?

  • Could your Will bank benefit from professional cleansing?

Sometimes, it takes an unfortunate event like this to open a ‘can of worms’ that many tend to avoid whenever possible. Luckily at Title Research, we’re able and willing to open those cans and ensure that similar events will not be repeated by validating and updating all Will details and client data. It’s a valuable exercise we undertake to give families peace of mind during the grieving process. Let us know if we could help.

Brexit 

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A look back: Although it’s been an ongoing topic on our agenda for the past 3 years, we’re still unclear about what impact it will have on the industry.

Nevertheless, a look back at 2019 would simply be incomplete without a mention of Brexit.

Looking forward: We look forward to providing an update on the impact of Brexit after the current deadline of 31st January. So stay tuned...

Title Research News

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We’re thrilled to share some updates from our end on some exciting incentives on our calendar for 2020:

CILEx

We’ve recently finalised a new partnership with CILEx which means we will participate in a number of their events and hope to work closely with local CILEx branches.

Events

We regularly attend events hosted by Professional Conferences and Scots Law so we will be in attendance at several throughout the year. We look forward to meeting and speaking with you at the events about how we may be able to support you and your clients.

New service offerings

We will be conducting a thorough review of our services over the next 12 months, making sure what we offer is what you truly need to best support your clients through the estate administration process.

So in summary, we have an exciting year ahead!

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Topics: Events, probate, Title Research, Brexit, Wills, industry news