Langley Wellington LLP SolicitorsThe Rules about how your money and other assets get distributed amongst your family is going to change as at 1st October 2014 if you have not left a Will. Presently, if you die leaving no children/grandchildren but with a surviving spouse or civil partner then they get £450,000 worth of your assets with the rest being split with any siblings and your parents. From the 1st October that will change and they will inherit all your estate. Presently if you have children, then your spouse/civil partner inherits the first £250,000 and then a life interest in half the remaining assets. From 1st October 2014 they will get the first £250,000 and half the balance. Spouses/civil partners also receive what are called chattels, ie personal possessions, the definition of which is quite old-fashioned, including objects such as carriages and linen. This is going to change to mean anything that isn’t monetary and isn’t held as business or investment assets. Consequently this could include items of value such as artwork. Presently, if a child is adopted he or she is treated as a member of the adoptive family for inheritance purposes, but loses the right to inherit from their natural parent. New changes mean that if a child is adopted after the death of a parent they don’t lose their right to inherit from that parent. There are however no changes to the rules about unmarried couples; they are still not covered by the Intestacy Rules.
If you need to make a Will please contact Susan James or Richard Payne.
