On 1 October 2014, the intestacy rules changed for the first time since 1925.
Key changes :
Married with children
Married people or those in a civil partnership with children and an estate valued at over £250k – the first £250k will go directly to their spouse or civil partner. Half of any figure over the £250k threshold will also go to the spouse or civil partner, with the other half going to the children.
Married without children
The ‘old’ rule of half of any amount over £450k would be inherited by blood relatives of the deceased, including parents and siblings has been abolished – everything now goes directly to the spouse or civil partner.
Unmarried couple with children
The estate goes directly to the closest blood relative, with children first in line, while unmarried partners are completely excluded. Stepchildren are also excluded.
Unmarried couple with no children
Any partner is not entitled to a penny of their live – in partner’s estate. Instead the deceased is treated as if they were single at their time of death, with the entirety of their estate going to their closest blood relative.
These changes highlight the importance of making a Will – It is essential if you want to be sure of leaving your property and possessions to your loved ones (known as Beneficiaries).
- A Will allows you to provide clarity on a whole range of practical matters.
- If you have children, it can say who should look after them if you died unexpectedly
- You can name trusted individuals to handle the administrative side of dealing with your property and possessions
- You can protect your assets for your family and future generations
- A Will can include plans for residential care and tax planning
Should you have any queries or require further information in relation to this topic, please feel free to contact us via email email@example.com.