Gill Akaster LLP - Solicitor in Plymouth covering Devon & Cornwall

	Thursday 1st April 2010
	01/04/2010 - Wills for married and unmarried couples

WILLS FOR MARRIED AND UNMARRIED COUPLES February 2010 saw the change of the rules that govern the law of intestacy in England and Wales which affects civil partnerships. For married couples that have not left a Will on their death the amended intestacy rules will affect their estates. The new rules provide that on their death the amount that will be left to the survivor will be: £250,000 for married couples with children. (Legacy increased from £125,000) £450,000 for married couples without children. (Legacy increased from £200,000) Any assets over this amount will fall subject to the intestacy rules meaning that not all of a married couple’s estate will pass to the surviving spouse. Inheritance Tax of 40% is applied to all assets over £325,000. The exemption to this rule is that if there is a valid Will on death then all assets left to the surviving spouse will be free from inheritance tax. Unmarried couples It is estimated that 1 in 6 couples living together are not married. For unmarried couples or same sex couples who do not have Wills on their death they will be subject to the following intestacy rules: For couples that have children, their entire estate will pass to their children at 18 or earlier if they marry under that age. For couples with no children, their entire estate passes to their parents, then to their siblings and then to more remote relatives in a specific order. The rules mean that if you die intestate there will be no provision made for your surviving partner regardless of how long you have lived together. What can be done? The simple step is to make a valid Will. This ensures that your wishes are carried out on your death. You can choose guardians for your children and specify gifts and assets to pass to those you wish. Furthermore you are able to appoint Executors who will administer your estate whereas under the intestacy rules it would be all of your next of kin in a specific class that carry out the administration. For Wills or estate planning advice please call Jonathan Hall on 01752 203500.

YOUR LEGAL CHAMPION

Call us on 01752 203500

Call us on
01752 203500