Changes in the Law: The Inheritance and Trustees’ Powers Act 2014

The Inheritance and Trustees’ Powers Act 2014 came into force in October 2014 and has now been with us for a few months. The main changes are:

Intestacy

Intestacy – where there are no children the deceased’s estate will now pass to the surviving spouse or civil partner absolutely. Where there are children the spouse/civil partner will receive a half share absolutely rather than a life interest as previously.

There is a change to the definition of chattels so that they include property consisting of money or security for money; property used solely or mainly for business purposes or held solely as an investment.

Children will no longer lose their claim if they are adopted after death of a parent and there are also changes in respect of legitimate children.

Family provision claims

There are also changes to family provision claims:

• A claim by a spouse still requires the court to have regard to the provision that would have been made on divorce but it should not be used to set an upper or lower limit on the provision to be made.
• A child bringing a claim can claim if at any time the deceased took on the role of parent – it is no longer necessary that the relationship is preferable to a marriage.

Amendments to the Trustee Act 1925

• Trustees now have a complete discretion to decide how much income to apply for maintenance of trusts.
• In addition Trustees can advance assets rather than just cash.

How to contest a will

This is a complex area of law where you need expert advice. If you are considering contesting a will, please contact Amanda Melton, our expert in contentious probate on 01494 790047 or email amanda.melton@ibblaw.co.uk