On the 1st of October 2014 the Inheritance and Trustees Powers Act 2014 came into force.
In England & Wales If you die without making a Will, then your estate will be distributed subject to the Rules of Intestacy.
If you want to ensure your estate is distributed to the people you want to inherit, then you need to Make a Will
We are currently creating a 2014 Intestacy Rules Flowchart and will update this post with a link to it, so bookmark this page and check back soon.
In the meantime below are some of the key changes to the previous intestacy rules.
Key Changes to Uk 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.
The new laws alter the position of Adopted children on the death of a intestate parent to rectify an issue where adoption of a child after the death of the parent could affect a claim to their inheritance.
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 ”.
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’
You can see the full legislation by visiting Inheritance and Trustees' Powers Act 2014
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