From 6 February 2020, spouses or civil partners will be able to inherit an additional £20,000.00 from intestate estates.
Under the Intestacy Rules, spouses and civil partners of those who die without a valid Will, i.e. intestate, currently inherit the entire estate where there are no children. Where an individual dies without a will but leaving behind a spouse or civil partner and children, their partner currently receives all of the deceased's personal property, the first £250,000.00 of the estate and half of the remaining estate, with the other half going to the children of the deceased. However, from 6 February 2020, the figure above will increase to £270,000.00. The amounts, which are set by the government, increase at least every 5 years in line with the consumer price index.
It is still important to remember that without a Will, your estate will be strictly subject to the Intestacy Rules. If you are not married to your partner, or where you have step children or any children that are not legally recognised as your own and you would like them to inherit, or inherit particular amounts, having a legally valid Will written for you will ensure that your estate is left to those that you care about, avoiding any future uncertainty or added stress to relatives or close friends while they are grieving.
If you do not have a Will, or need to review and update your Will, please do not hesitate to contact a member of our experienced Private Client team to discuss how we may assist you in securing your family's future. Call us on 01484 821500 or email willsandprobate@ramsdens.co.uk