If you die without a valid Will you are described as having died Intestate and the Intestacy Rules will come into effect which set out an order of entitlement of relatives who will receive all or part of your estate.
The government has now announced a change to the Rules which will affect estates where the deceased has died without a Will and they leave a spouse or civil partner and children. The change, due to come into effect on 6th February 2020, increases the statutory legacy received by spouses or civil partners from £250,000 to £270,000.
This will mean that for deaths after 6th February 2020, the deceased’s spouse or civil partner will receive the personal chattels (belongings such as furniture, jewellery and clothes), the first £270,000 of the estate (the statutory legacy) and one half of the remainder. The children will share in the other half of the remainder. This may of course not be how the deceased wished for their assets to pass to their loved ones. Further, unmarried partners and close friends cannot inherit under the Intestacy Rules.
In order to ensure that your assets pass in accordance with your wishes, it is important to create a legally valid Will and make sure that it is kept up to date as your circumstances change.
Beers friendly and helpful team is always willing to discuss your requirements in detail, simply contact us on 01548 857000 or 01752 246 000.