WALES/ENGLAND – Inheritance and Trustees’ Powers Bill introduced into the House of Lords

Bill published and will receive second reading in October 2013

 

The Inheritance and Trustees’ Powers Bill was introduced into the House of Lords on 30 July 2013. It is due to receive its second reading on the 22nd October 2013.

The Bill includes reforms which would:

  • ensure that where a couple are married or in a civil partnership, assets pass on intestacy to the surviving spouse in all cases where there are no children or other descendants;
  • simplify the sharing of assets on intestacy where the deceased was survived by a spouse and children or other descendants;
  • protect children who suffer the death of a parent from the risk of losing an inheritance from that parent in the event that they are adopted after the death; 
    •amend the legal rules which currently disadvantage unmarried fathers when a child dies intestate;
  • remove arbitrary obstacles to family provision claims by dependants of the deceased and anyone treated by the deceased as a child of his or her family outside the context of a marriage or civil partnership;
  • permit a claim for family provision in certain circumstances where the deceased died “domiciled” outside of England and Wales but left property and family members or dependants here; and
  • reform trustees’ statutory powers to use income and capital for the benefit of trust beneficiaries (subject to any express provisions in the trust instrument).

The Bill as introduced can be read here.

The Bill is the result of a report published by the Law Commission on 14 December 2011.  The report sets out and explains the Commission’s recommendations for reform of the law.

 

SOURCE: Family Law Week

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