The Inheritance and Trustees Powers Act 2014 came into force on 1 October 2014.
One of the main principles of the Act was to abolish the life-interest trust of the Spouse established by the Administration of Estates Act 1925. In future therefore, the surviving spouse of an intestate with children will get the £250,000 statutory legacy, the deceased’s personal chattels and half the balance of the remaining estate outright. Children or other descendants share the other half of the balance. Furthermore, the Act provides that the Spouse when intestate without children will in future inherit the whole estate.
These new rules apply even to estranged Spouses or Civil Partners and thus it is even more important for individuals to prepare Wills.
Please note that marriage revokes a Will and therefore if it is a second or third marriage, and a new Will is not prepared, if there are no children, the surviving Spouse on intestacy will take the entire estate.
Please contact Avril Turner for advice on this matter or any other concerning Wills, Probate, Lasting Powers or issues concerning the elderly.