Intestacy

The intestacy rules changed on 1st October 2014. If you do not make a will your estate (or “stuff”) will be distributed in accordance with these intestacy rules. Intestacy does not recognise co-habitees or common law partners so MAKE A WILL!

Here is a link to a segment of Simon’s Money Talk radio show on www.ChannelRadio.co.uk catch the show at noon on Fridays.

Deceased Dies LeavingRules up to 30th September 2014Rules Effective 1st October 2014
A spouse and childrenSpouse receives:
Statutory legacy of £250,000
Personal chattels
Life interest in half residue
Spouse receives:
Statutory legacy of £250,000 (index linked)
Personal chattels
Entitlement to half estate outright

Children entitles to remaining half of residuary estate at 18
A spouse but no surviving childrenSpouse receives:
Statutory legacy of £450,000
Personal chattels
Half of residue

Parents receive other half of residue equally (or siblings if no surviving parents)
Spouse receives the whole estate
Parents/ siblings receive noting

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