Dec 9

How Wills Solicitors view The Trustees’ and Powers Act of 2014

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How Wills Solicitors view The Trustees’ and Powers Act of 2014

In October of 2014, authorities made the Trustees’ and Powers Act of 2014 official. This act presented a revised set of policies for spouses or civil partners of deceased individuals. It also presented an improved set of outcomes for step children. According to various wills solicitors, probate laws have pretty much remained the same for the past 100 years, the Act has however presented some major changes regarding these laws. The following text elaborates on these changes.

Changes in the Rules regarding surviving Spouse or Civil Partner

Before the Act, if a spouse or civil partner dies without a will and without any children, then the surviving spouse or civil partner would inherit the first £450,000 and then 50% of the remaining estate. If however, there are children involved then the surviving spouse or civil partner inherit only the first £250,000 and only interest of remainder of the estate.

After October of 2014, a surviving spouse or civil partner will inherit the entire estate if there are no children involved. However, according to wills solicitors if there are children to consider, then the surviving spouse or partner will inherit the first £250,000 and 50% of the remainder of the estate.

Changes in the Rules Regarding Step Children

Unlike before, the new Act ensures greater rights for step children. This is especially true if parents of the children were not married to the deceased.

Who Benefits the Most?

Apparently, it looks as if the surviving spouse or civil partner benefits the most from the changes mentioned above, especially under circumstances where children are not involved.If you can recall, a childless marriage or civil partnership leaves behind everything for the surviving spouse or partner. And even in the cases where children are involved, the spouse or civil partner gets a large chunk of the remaining estate leaving behind a small percentage for the children.

Is Dying Intestate the Best Option?

Obviously not! The Laws of Intestacy are not always aligned with the wishes of the deceased, but since there is no will, these laws have to be followed. Even if these laws are desirable, they will be subject to unnecessary delays.

Most Wills Solicitors recommend that if your estate is of significant value, you should get legal advice for working up a valid Will. Only a Will can make sure that your wishes are carried out after your die.

 

Summary:-

In October of 2014, authorities made the Trustees’ and Powers Act of 2014 official. This act presented a revised set of policies for spouses or civil partners of deceased individuals. It also presented an improved set of outcomes for step children. According to various wills solicitors, probate laws have pretty much remained the same for the past 100 years, the Act has however presented some major changes these laws. The following text elaborates on these changes.