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3-09-2013

Earlier this year we reported on the progress of a Law Commission consultation about changes to the law relating to provision on intestacy (see post here). The report was published in March 2013 and the Inheritance and Trustees’ Powers Bill introduced to the House of Lords on 30 July 2013. The second reading of the Bill is due to take place on 22 October 2013.

The draft Bill includes reforms that will:

  • Make provision to ensure that assets will pass to the surviving spouse or civil partner on intestacy where there are no children
  • Simplify the current rules regarding the distribution of assets when a person dies intestate, leaving a spouse and children
  • Amend the statutory rules to allow trustees to use income and capital for the benefit of trust beneficiaries
  • Allow a family provision claim to be made against the estate of a person who was domiciled outside England and Wales, but who died with assets here, in certain circumstances.

The reforms are long overdue and it is to be hoped that the proposed reforms will be widely accepted and become legislation with little dispute.

TESTIMONIALS

Standout firm known for its personal insolvency work for clients including private companies, individuals and governmental institutions. Frequently acts for insolvency practitioners, assisting with the realisation of assets, both in the UK and abroad.

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