Update On Intestacy Rules

UPDATE ON INTESTACY RULES

If you die without leaving a Will, the law states who inherits your estate in accordance with the intestacy rules.

There has been a recent change in the rules which sees a surviving spouse or civil partner receiving more from the deceased’s estate.

Previously, the rules stated that the surviving spouse or civil partner would receive the first £250,000 of the deceased’s estate. Anything above this amount will then be split equally between the spouse or civil partner (so that they receive £250,000 plus half of the rest of the estate) and any surviving children of the deceased. If there are no children, the spouse or civil partner will receive the entire estate.

As of 6^th February 2020, the sum of £250,000 received by the surviving spouse or civil partner increased to £270,000.

Whilst this increase is perhaps a welcome change to many, particularly where there is an unexpected death and no Will is in place, regard must be had as to whether this leaves the survivor vulnerable.

The survivor may, for example, be forced to sell the property to pay off any beneficiaries, which may be their own children. Following the death of a loved one, a process which could have been fairly straight forward could then turn into a very stressful situation for the survivor.

In essence, the intestacy rules do not consider the feelings and wishes of the deceased and this simply stresses the importance of putting a Will in place to protect those closest to you.

For further advice or to put a Will in place, contact Raegan Leather, Associate Solicitor within our Wills, Trusts & Probate team, on 01752 827920.