The rules of intestacy in England and Wales changed last week, with the coming into force of the Inheritance and Trustees’ Powers Act 2014 on Wednesday 1 October.
The main effect of the act is to abolish the life interest trust of the spouse established by the Administration of Estates Act 1925. In future, the surviving spouse of an intestate with children will get the GBP250,000 statutory legacy, the deceased’s personal chattels and half the balance of the remaining estate outright.
Read more on the Society of Trust and Estate Practitioners website, or follow this link: ow.ly/C66lO
