The Inheritance and Trustees’ Powers Act 2014 came into force on 1 October 2014. The new law intends to modernise and simplify the sharing of assets under the intestacy rules applying to those who die without a Will (“intestate”) including:
These amendments do not alter the position of unmarried couples or step-children who have no automatic right to inherit. It is therefore still important to make a Will setting out exactly how you want your estate to be distributed rather than relying on the intestacy rules.
The changes also recognise more modern family structures and allow for claims under the Inheritance (Provision for Family and Dependants) Act 1975 to be brought by a person who was treated as a child of the deceased person whether or not that relationship arose because of a marriage. Claimants no longer need to prove that the deceased contributed significantly to their relationship; the test will now revolve around whether or not the deceased made a substantial contribution to the needs of the individual making the claim.
Please contact our Wills, Trusts and Probate Team for further information on 020 8502 3991.