Children, Spouses, and cohabitees of people who die IntEstate, could benefit from proposed changes to inheritance laws published in December.
New proposals include giving more rights to the surviving partner and children of unmarried couples, and to removing complex and costly ‘life interest’ trust arrangements imposed on some Spouses in favour of a simpler form of sharing Estates.
Current Intestacy rules date back to 1925, and do not reflect cultural and societal changes which have taken place over the last 50 years.
If you die without a Will (“IntEstate”), then the law will dictate who amongst your relatives receives what, which may mean relatives you do not like or have not seen for years.
Sean Barrow, Senior Solicitor said: “Thankfully the Law Commission has published proposals which will only benefit and simply Intestacy rules for cohabitees. It has long been a common misapprehension that even married cohabitees will receive the whole of the deceased Spouse’s Estate.
The simplest way to avoid the problems faced with Intestacy is to make a Will. This ensures your Estate is passed to the relatives, friends, or charities you wish, and ensures Inheritance Tax provisions are made.”
For more information about Wills & Intestacy, please contact Sean Barrow on 01625 523988 or firstname.lastname@example.org