New Intestacy Rules come into force 6th February 2020
New intestacy rules will be introduced on 6th February 2020 which will increase the statutory amount due to a spouse when a person has died without making a Will.
If you do not have a will in place then your estate will be dealt with under the law of intestacy (s46 Administration of Estates Act 1925).
This means a fixed sum from your estate will due be to your surviving spouse the rest of the estate will then be divided in equal proportions between your spouse and blood children.
Since 2014 the statutory amount due to the surviving spouse has been £250,000 along with the personal items belonging to the deceased spouse and an absolute interest in half of the remaining estate. New rules coming into force on 6th February 2020 that will increase the amount to £270,000.
The importance of making a Will
There are many important reasons to make a Will and dying intestate is one of them.
Although £270,000 may seem a lot of money, imagine that the property is worth more than that and the children are entitled to 50% of anything over that amount. They are within their rights to force the sale of the family home. This would be a very stressful and upsetting scenario.
Making a Will shall give you peace of mind. It will demonstrate your generosity and allow you to appoint people who you trust to administer your estate. You can leave legacies to charities and include funeral wishes.
Contact the specialist estate planning team at Farnworth Rose
At Farnworth Rose, our specialist estate planning team can provide the advice you need to make a Will which fully reflects your wishes.
With Saturday morning appointments now available at our Barrowford office, it has never been easier to receive the estate planning advice you need.
To find out how we can make it easy and affordable to put your Will in place, call us today on 01282 695 400.
Or, arrange a call with a member of our team by completing our online contact form here.