Sandra Rawson, a Legal Executive at Ward Gethin Solicitors in King's Lynn has some important advice for everyone about a recent change in the law.
I recommend that everyone should make a Will to ensure that after their death their wishes are carried out. What better than to state that you want someone to have your possessions and your money than they receive it by operation of law.
You may have already made a Will but certain acts can revoke (cancel) the Will, such as marriage/civil partnership unless the Will says it will not. Divorce/dissolution of civil partnership also affects your Will, but does not revoke it and this could cause further complications.
If however a person dies without making a valid Will then their estate is dealt with under the Intestacy Rules.
If you are married or are in a civil partnership, the first person entitled to your estate is your spouse/civil partner, but he or she will not necessarily inherit the whole of your estate. The Civil Partnership Act 2004 which came into effect on 5 December 2004 gave same-sex couples the right to register their partnerships, giving them broadly the same legal rights as married couples.
The amount your spouse/civil partner would inherit depends on how much is in your estate and which of your blood relatives survive you. Assets held in joint names usually pass automatically to the other joint owner(s) and do not form part of your estate (if you are unsure about the type of joint ownership you share with another, you should consider legal advice).
On 1 February 2009 the Statutory Legacy was revised. For deaths before this date the amount of the Statutory Legacy was less but the principles are the same. When distributing an estate where a person died intestate firstly the funeral expenses, tax and all other debts owned by the deceased are paid. The remainder of the estate is dealt with as follows:
Married person with children:
- Spouse get everything up to £250,000 and personal possessions
- Anything remaining is divided into two:
Half to the children at 18 or earlier on marriage.
Half in trust during spouse's/civil partner's lifetime - “ he or she gets the income. On their death this half goes to the children.
If a child predeceases, leaving issue, their issue will take their share between them.
Married person, no children:
- If there are parents, brothers or sisters of the whole blood, nephew or nieces:
Spouse/civil partner gets everything up to £400,000 and personal possessions
- Anything remaining is divided into two:
Half of this goes to spouse
Half to parents. If no parent is living then it goes to brothers or sisters or their children
