There have been changes in the law affecting the distribution of estates where the deceased died intestate (without a Will) and is survived by a spouse or civil partner.
Previously where an estate exceeded £450,000 and there was no issue the spouse or civil partner had to share the estate with the parents or siblings of the intestate. This is no longer the case.
If the estate exceeded £250,000 and there were issue (children) the spouse would receive a life interest in one half of the excess above £250,000. This is no longer the case.
Although the legislation may assist a spouse or a civil partner it is of no help to co-habitees.
It is vital to have a Will. It gives you control of the distribution of your estate. The process also gives you the opportunity to consider such issues as your choice or executors and if applicable guardians for your children. It enables you to deal with your personal effects and to consider such assets as those that may attract business property relief or agricultural relief. It is a process of putting things in order.
Please contact our Private Client department if you need any more information or if you wish to make an appointment – call us now on 020 8891 6141.