What does this mean?
Under the rules of intestacy, where there are no children, the deceased’s spouse or civil partner inherits everything.
It is a common mistaken belief that this will also be the case where the deceased had children. However, if there are children the spouse inherits the deceased’s personal property, as well as only the first £322,000.
The remainder of the estate is divided in half. One half will go to the surviving spouse with the other half being divided equally between all of the deceased’s children. Step-children, grandchildren or unmarried partners will not inherit under intestacy rules.
What do you need to do?
Whilst the increase to the fixed legacy amount is welcomed, intestacy is best avoided altogether by making a will and reviewing this regularly.
Please make an appointment with us to make a will as soon as possible.