You may have only just come across Section 7 Reports and not know what they are or who writes them. You’re in the right place. In this blog, we will...
Continue readingEven though the intestacy rules are being updated from 1st October 2014, they may still go against your wishes and so it is very important to act now and write a Will.
Saga Legal Services say : “A correct and up-to-date Will is the only way to guarantee your wishes are carried out in the way you want”
Under the new rules, where there are no children, if a spouse dies without a Will (intestate) then the surviving spouse or civil partner inherits the whole estate, rather than only the first £450,000 under the old rules. Siblings and parents will no longer inherit any share of the estate.
Where children are involved, under the new rules the surviving spouse or civil partner will inherit the first £450,000 (rather than £250,000 under the old rules) and then half of the remainder of the estate, with the remaining half of the assets being held for the children of the deceased until they reach the age of 18 years, or divided equally between the children, if they are over the age of 18 years.