For the first time in over 15 years, the rules relating to intestate estates (estates without a valid Will) will change from the 1st February 2009, which may be good news for some spouses but should equally be a reminder that your own Will should be in up to date order to ensure that your estate is dealt with as you wish and not at the whim of the law.
The main change to take effect next year is that if a spouse or civil partner dies without a Will and there are no children of the relationdhip, the surviving spouse/civil partner will be entitled to the first £450,000.00 of the estate as against the current £200,000.00, a substantial increase.
In the event that there are any relevant children surviving the deceased, the survivng spouse/civil partner of the intestate will be entitled to the fist £250,000 of the estate as against the current £125,000.00,together with a life interest in the resulting statutory trust of one-half of the remainder of the estate.
Whilst the new rules may be very welcome for surviving spouses of long marriages whose spouse failed to make a Will, one can equally see signigficant complications arising where, for example, an elderly widower re-married a year or so before his death without making a new Will. As a result, the new wife may get the whole or a substantial part of the estate whilst the children of the deceased may be left with nothing or very little.
As always, to bang an "old drum" of mine, the best advice is always to ensure that your Will is properly up to date and prepared by a properly qualified and specialist legal professional.
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