New Intestacy Rules Make Wills Even More Important1st Oct 2014
New intestacy rules coming into force today will dramatically affect how much – if anything – children can inherit if their parents die without making a will.
From today, children will no longer have the automatic right to a share of an estate worth more than £450,000.
And it also works the other way – parents lose the guaranteed right to inherit too if their wealthy child dies without leaving a will.
Instead, all the estate will pass to the intestate’s spouse or civil partner.
The new intestacy rules are part of the Inheritance and Trustees’ Powers Act 2014 which received the Royal Assent on May 14.
It follows six years of work by the Law Commission. The aim was to reflect how modern families live today.
That includes removing a legal anomaly which deprived some adopted children of their inheritance.
The new rules also reflect the fact that more children are born out of wedlock these days and that there are now more single parent families.
Ultimately, the Law Commission wanted to solve one of the great ironies of intestacy – that many of the people who don’t have a will are in reality those most likely to need one.
It’s understandable that many people put off getting a will. They don’t want to think about death. They’re too busy stressing about the present to worry about the future.
But dying intestate could be your last, your biggest and your most expensive mistake. Think about this:
- Parents – if you do not have a will, you could be putting the financial future of your children in jeopardy
- Children – if your parents die without making a will, you could end up with absolutely nothing from the estate.
Our wills solicitors can advise you on all the new rules in more detail. Meet the team here.
Making a will is the smart way to take control and have peace of mind. It does not need to be expensive, complicated or time-consuming.
For sensible, jargon-free advice on making a will to safeguard the future of your family, contact Coles Miller Partner Stuart Bradford at our Poole and Wimborne office, 01202 355695.