The Government has increased the statutory legacy that partners of people who die without a will – ‘intestate’ – can inherit from £250,000 to £270,000.
Good news it would seem but nothing can replace a will for making sure the right people inherit your assets, says Will Jones, an Associate in our Wills, Probate and Lifetime Planning team.
The new statutory legacy set by the Government under its Inheritance and Trustees’ Powers Act 2014 came into force on February 6 following the Government’s pledge to review the limit every five years.
It means that spouses and civil partners of people with children who die without a will can now inherit the first £270,000 of the estate and 50 per cent of the balance with the remainder going to any children. If there are no children, the entire estate goes to the spouse or partner.
This means that for the estimated 60 per cent of people who die without having written a will, their specific wishes may not be carried out.
With an increasing number of people cohabiting, marrying more than once and creating blended step families, it has never been more important to have a will. If you have stepchildren you would like to benefit or a partner you’re not married to, it’s vital you make a will. They would have no automatic claim on your estate if you don’t stipulate that in a will.
And if you have divorced or remarried, it’s even more important to redraft your will to be sure that it reflects your personal circumstances.
Using a professional solicitor doesn’t have to be complicated or expensive. Specialists cut through the red tape and jargon and ensure your wishes will be carried out to the letter.
To find our more about estate planning and wills, contact Will on the details below.