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 Leaving||Rules up to 30th September 2014||Rules Effective 1st October 2014|
|A spouse and children||Spouse receives:|
Statutory legacy of £250,000
Life interest in half residue
Statutory legacy of £250,000 (index linked)
Entitlement to half estate outright
Children entitles to remaining half of residuary estate at 18
|A spouse but no surviving children||Spouse receives:|
Statutory legacy of £450,000
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