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Japenese Parliament Paves Way for Ratification of Hague Convention on Child Abduction

 

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Inheritance and Trustees Powers Act 2014

The law relating to intestacy – that is where you die without a Will – changed on 1 October 2014. The new law particularly affects a person who is married or in a civil partnership who, when they die, also leaves one or more children, grandchildren or great grandchildren.

 

The Law before 01 October 2014

Estates worth more than £250,000

If the deceased died with children or other direct descendants the estate was distributed as follows :-

The Spouse or Civil Partner :- Personal chattels, a legacy of £250,000 and then just a trust interest in one half of the remainder giving them the benefit of the income produced by the trust fund during their lifetime.

Children or other direct descendants :- One half of the remainder of the estate equally between themselves together with the capital value of the trust (i.e. the investment or cash producing the income) which was kept safe until being inherited by them when the surviving spouse or civil partner died.

Deceased dies with no children or other direct descendants :-

Spouse or Civil Partner received :- Personal chattels, a legacy of £450,000 and then any remainder shared equally between them and either parents or siblings of the deceased.

The New Law as at 01 October 2014

Estates worth more than £250,000

Deceased dies with children or other direct descendants

Spouse or Civil Partner :- Personal chattels, a legacy of £250,000 and then one half of everything else.

Children or other direct descendants :- The remaining half equally between them. However, if, for example, there is a child and a grandchild, the grandchild will not receive anything; he or she would only do so if the child (i.e. their parent) had already died.

Deceased dies with no children or other direct descendants

Spouse or Civil Partner :- The whole estate

[If the estate is worth less than £250,000, then the spouse or civil partner inherits the whole estate whatever the position.]

What is the potential impact of the changes?

Whilst the system is simpler, there is now no guarantee that the half left to the spouse or civil partner will go to the children of the deceased, which can have particular consequences where they are from a previous marriage or relationship. The surviving spouse or civil partner may or may not choose to benefit them under his or her own Will. If the surviving spouse or civil partner then dies without a Will, there will definitely be no provision for the first spouse’s children because step-children are not covered under intestacy laws.

Due to the complexities of modern family life, the changes to the intestacy laws provide an even stronger incentive to make a Will.

Wills are personal to you – the intestacy laws are not. Few people find that the intestacy laws mirror their own personal preferences.

Remember, no one knows your family better than you, so make sure that you are the one who looks after their future and make a Will.

 If you would like to contact us to discuss making a Will or how your existing Will might be affected we would be delighted to help.  Please contact contact our team at Crosse + Crosse Solicitors on 01392 258451 or email us on mailThis email address is being protected from spambots. You need JavaScript enabled to view it..  

 

 

 

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Cases involving Social Services continue to Rise

 

 

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