Government Announces Increase In Inheritance For Spouses/Civil Partners
Good news for those who will potentially inherit more, but, the reality is that the Government rules rarely operate in the way people expect.
The government rules are called the intestacy rules. They apply when someone dies without having made a Will. They may also apply where a Will is found to be invalid (if it is not prepared or signed properly), or has been revoked by marriage or entering into a civil partnership or the Will is legally valid, but there are problems with the terms of it e.g. the sole beneficiary has predeceased and the Will does not provide for a substitute.
There are different rules depending upon your family situation. In this article I concentrate on the rules for someone who is married or in a civil partnership, and has children, whether from that relationship or a previous relationship. Where one party to the marriage or civil partnership dies on or after 6th February 2020, their surviving spouse or civil partner is entitled to receive the first £270,000 of the estate (known as the Statutory Legacy), personal chattels e.g. car, household and personal effects, and half of the remaining estate outright. The children who include illegitimate and adopted children (but not step-children) receive the remaining half of the estate in equal shares, and if any children are under the age of 18, their inheritance will be held in trust until they reach that age.
Prior to 6th February, the Statutory Legacy was £250,000. The increase is the result of 2014 legislation requiring the Lord Chancellor to review the amount at least every five years, or where a substantial increase in inflation has taken place.
It should be pointed out that if the estate does not exceed £270,000, then the surviving spouse or civil partner will inherit the whole estate, with the children inheriting nothing. Jointly owned assets such as joint bank accounts and jointly owned property held as joint tenants, will pass by survivorship to the joint co-owner, therefore bypassing the intestacy rules.
Wrigleys' comment
Research by Royal London in October last year estimated that approximately 57% of UK adults do not have a Will in place. With so many people relying on the intestacy rules, it is important that the government ensures that the amount spouses/civil partners receive keeps pace with inflation. The...
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