Will Writing & Law Changes to Intestacy Rules

Posted by on Oct 1, 2014 in Legal Services | Comments Off on Will Writing & Law Changes to Intestacy Rules

Will Writing & Law Changes to Intestacy Rules
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Those kind people over at the Estate Planner’s Network have updated us on changes to intestacy rules, from October 1st, 2014.

The Inheritance and Trustees Powers Act 2014 comes into effect on the 1st October 2014. Listed below are a few key points that will be of interest to Will Writers & Estate Planners. To see the full legislation please visit http://www.legislation.gov.uk/ukpga/2014/16/contents.

  • Changes to the intestacy rules – Currently the surviving spouse or civil partner of the deceased where there are no children has to share the estate with surviving relatives of the deceased if the estate is greater than £450,000. Under the new rules the spouse or civil partner will inherit the entire estate. Where the deceased has children and the estate is worth more than £250,000 the surviving spouse/civil partner will now receive one half of the residue in full, rather than a life interest. The statutory legacy for spouses and civil partners will now rise, at least every five years, in line with the consumer prices index.
  • Adopted children – The new laws alter the position of adopted children on the death of intestate parents to rectify an issue where adoption of a child after the death of the parent could affect a claim to their inheritance.
  • Definition of chattels – The definition of chattels has been simplified and now reads “means tangible movable property, other than any such property which consists of money or securities for money, or was used at the death of the intestate solely or mainly for business purposes or was held at the death of the intestate solely as an investment”.
  • Claims for dependants – Amendments are also made to the Inheritance (Provision for Family and Dependants) Act 1975 and, for example, expand the definition of who can make a claim to an estate to include a person ‘treated as a child of the family’

Where you require any help or assistance in updating or writing your will, please contact us.

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