Changes to legislation leave children in the lurch
Changes to the legislation covering how the estates of people without eligible wills are distributed could lead to children being left out of the estate, according to Prosperity Advisers estate planning specialist Owen Griffiths.
Under the changed legislation, the partners of people who have not made wills, or whose wills are declared ineligible, will receive 100 per cent of the estate when they pass on. The legislation previously provided children of one of the spouses with some compensation.
“The amendment has been designed to simplify the distribution process but also introduces grey areas for those who are either found to have an invalid will or estranged children who have been out of touch with the surviving parent,” Griffiths said.
If the surviving parent has fallen out with their children, they could be ignored when the estate is distributed.
The changes stem from a Law Reform Commission finding that only 2.3 per cent of cases of partners without wills ended in estates being shared between the surviving parent and children.
AUTHOR
Benjamin Levy
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