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30/01/2009
Inheritance payouts 'to increase in February' |
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If a person dies intestate, their widowed spouse could receive a larger inheritance payout from February 1st.
For those who die without making a will, the amount left automatically to their spouse currently stands at £125,000 where there are offspring and £200,000 where there are no children involved.
However, the Times reports that from next month this will change to £250,000 and £400,000 respectively.
Experts have reportedly backed the amendment but have warned that making a will is still of the utmost importance.
In particular, unmarried couples or those who are estranged but not divorced are urged to ensure that they have an up-to-date will.
Meanwhile, a spokesperson at the Society of Will Writers has advised that gifting property above the annual allowance has inheritance tax implications if the giver dies within seven years.
"If they die within three years, inheritance tax is charged at the death rate of 40 per cent. Surviving between three and seven years gives rise to a proportional percentage decrease," he adds.
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