From 1 February 2010 new intestacy rules apply. “Intestacy” means who inherits if you leave no will. The law decides. In most cases it is better to make a will. It is rarely sensible to write your own will as the rules are complex. Two witnesses must sign in the presence of the person making the will at the same time, and there are other legal complications. Get it wrong and the will is invalid.
Libby Nicholson head of the Private Client department says
“If there is no will but a spouse (or civil partner) and children are left, the spouse now keeps all the assets up to £250,000 (up from £125,000) and in addition own all the personal chattels (possessions) whatever their value. Over £250,000, half of the remaining assets go on trust for the surviving spouse and the children receive the other half. Therefore someone dying leaving a house worth £1m and no other assets, for example, would find that their spouse has to sell the house to give the children half of £750,000 immediately. If they make a will they do not have to do this. On death of the surviving spouse in such a case, the half on trust goes to the children.
If someone dies intestate and there are no children but there are siblings of the deceased, then the spouse receives chattels - £450,000 (up from £250,000 under the previous law) and half the remaining assets immediately go to the siblings with the balance on trust for them after the spouse’s death.
Now might be a good time for you to make or update your will. In addition, if you live with a partner and are not married nor in a “civil partnership” with them, they have no rights to inherit although they may be able to bring a claim under the Inheritance, Provision for Family and Dependents Act if you were supporting them. If you wish a partner to inherit, it is simpler to make a will which sets out your wishes expressly. It may also be wise to have a written agreement about how any properties you jointly own will be handled if the relationship breaks down. This is also wise for those buying a property together who are not also in a relationship. Call Libby on 01205 351114.
