Wills in Tiptree and throughout the UK are subject to the Rules of Intestacy of England and Wales’ revisions of October 2014 which govern this area of law so as to impact upon people. However, as will be shown in this brief blog post, along with some significant changes to the law, certain aspects of the Rules of Intestacy have continued to remain the same.
In the event that you and your partner are cohabiting, irrespective of either the length of time that you have been together as a couple or even if you have children during the course of your relationship, the law has not changed. This is because if your partnership does not result in children then the entirety of your estate will immediately go to your blood relatives (i.e. in the following order of parents, siblings, nieces and nephews) and children will be first in line to receive the inheritance if they result from a cohabiting partnership.
Therefore, if you do not have a valid will in place with a professional service provider like Andrew Douglas Wills and Legal Services then there is a real risk your partner will then be left absolutely nothing so the importance of getting your will sorted cannot be overstated.
Married with children
Where you are legally married and have children, previously the law as it formerly stated under the rules of intestacy used to provide either your spouse or civil partner would be entitled to the first £250,000 of the value of your estate. The law also then goes on to provide that your children would be given half of the rest of the value of your estate whilst the other half of the rest of your estate is to be retained by your spouse as a ‘life interest’ that your children can then take at the time of your spouse’s death. However, the revisions to have been made to the rules of intestacy now mean that your spouse can claim £250,000 PLUS half of the remainder of the value of your estate with the other half being made available automatically to your children when they attain the age of 18.
Married without children
Whilst your surviving spouse use to only be permitted to claim £450,000 plus half of the rest of the value of your estate with the remainder going to your blood relatives starting with your parents, your spouse can now claim your entire estate at the time of your death.
A loophole has been closed . . .
Prior to the current revisions to the rules of intestacy on 1st October 2014, there was the potential for children that were adopted subsequently in the wake of either one of both of their parents’ deaths to lose their inheritance. However, this apparent ‘loophole’ has now been closed since the aforementioned revisions provide children in such cases will still be able to claim their inheritance even where they may be adopted.
There are many other details that you may seek to consider in looking to undertake effective Estate Planning and you can seek assistance and answers to any questions you may have by contacting a service provider like Andrew Douglas Wills and Legal Services for advice on writing Wills in Tiptree and throughout the rest of Essex.
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