• wills north devon, probate legal north devon, wills north cornwall, probate legal north cornwall
    wills north devon, probate legal north devon, wills north cornwall, probate legal north cornwall

01271 860105 or 07970 671192

wills north devon, probate legal north devon, wills north cornwall, probate legal north cornwall

Wills at Home News

Wills, Probate and personal legal services in North & West Devon and North Cornwall

Inheritance Tax Rules Amended April 2017

Click here to go to the useful information page for further details and to view documents

(01/06/2017)

CHANGE IN INTESTACY RULES (if someone dies without a Will)

Old Rules

The spouse or civil partner receives up to £250,000 if there are children (£450,000 if not) and a life interest in half of the estate

Old Rules

The spouse or civil partner keeps all assets (including property), up to £250,000, and all the personal possessions, whatever their value.

The remainder of the estate will be shared as follows:

  • The spouse or civil partner receives an absolute interest in half of the remainder
  • The other half is divided equally between the surviving children

If a son or daughter (or other child where the deceased had a parental role) has already died, their children will inherit in their place.

(01/10/2014)

NEW DEFINITION OF PERSONAL CHATTELS:

Old definition of “chattels”

Carriages, horses, stable furniture and effects (not used for business purposes), motor cars and accessories (not used for business purposes), garden effects, domestic animals, plates, plated articles, linen, china, glass, books, pictures, prints, furniture, jewellery, articles of personal use or ornament, musical and scientific instruments and apparatus, wines, liquors and consumable stores, but do not include any chattels used at the death of the intestate for business purposes nor money or securities for money.

New definition of “chattels”

Tangible movable property, other than any such property which – consists of money or securities for money, or was used at the death of the intestate solely or mainly for business purposes, or was held at the death of the intestate solely as an investment”.

(01/10/2014