Changes to inheritance law in the UK

Changes to inheritance law in the UK

In the UK announced the changes to existing rules will, which should come into force. Changes to the rules of transfer of ownership relate to the case when there is no will of the testator regarding the transfer of its own assets.

Currently the rules govern the distribution of the assets of the deceased members of his family without establishing any order of priority, indicating the relevant share.

If the analogy with the Russian law of succession in Russia , in case of intestacy or lack the will specify how to distribute the estate of a deceased, a so-called inheritance “under the law” where the law establishes the order of heirs.

In the UK right this part has not been clarity and was based on “the structure of confidence”.

But in March 2013 the UK government introduced the draft law “On inheritance and guardianship”, under which the spouse or partner of a civil marriage will automatically become the primary beneficiaries of the estate, if the will of the deceased remained unknown. As a result, the share of the property of the surviving partner is increased and it is considered to be the sole beneficiary if there are no children.

On the other hand, children and relatives including brothers, sisters, parents and relatives will no longer automatically inherit part of the estate of a person who has died without leaving a will.

The obvious benefit which is expected from professionals of this innovation is that the bill is intended to significantly reduce a complex “structure of trust”, which was formed earlier, in order to provide a surviving partner, as well as to provide children.

Undoubtedly, as a result of the bill obvious bias in favor of the surviving spouse and the decreased share of children.

Now launched the consultation process on the bill, which will last till 03.05.2013 year.

25.04.2013. ® Angliadom