Where would your Estate go without having a Will?January 29th 2020
The UK Government are changing the rules which govern where your estate goes if you die without having a Will (i.e. die intestate) leaving a spouse or civil partner and children.
Currently, under the intestacy rules, if you die without having a Will and have no children, your spouse or civil partner will inherit all of your estate.
If you have children, your spouse or civil partner will be entitled to all of your personal property, the first £250,000 of your estate and 50% of the remainder, leaving 50% to be divided equally between your children.
However, as of 6th February 2020, your spouse or civil partner’s entitlement will increase from the first £250,000 of your estate to the first £270,000 of your estate.
This means that from 6th February 2020, if you die without making a Will, your spouse will be entitled to all of your personal property, the first £270,000 of your estate and 50% of the remainder, leaving 50% to be divided equally between your children.
If you do not have a Will these changes will apply to the way your estate is distributed once you die. It is therefore important to have a Will in place as it puts you in control. It allows you to choose who will benefit from your estate and what they are entitled to rather than these decisions being governed by the rules of intestacy. A professionally drafted Will brings peace of mind giving you control over your affairs and removes uncertainty for those left behind.
For further information and help on making a Will, please contact Alice on 01434 320362.
By Alice Whittome Solicitor