Process of making a will could be changed by new laws

A senior Conservative MP has claimed that laws about inheritance need to be changed, a move which could have an impact on people who are making a will.

Greg Knight said legislation that stops the offspring of a young parent who passes away before the age of 18 inheriting interest in an estate that their father or mother is the will beneficiary of should be overturned.

Mr Knight revealed to the commons: "The Bill seeks to change the law of succession in England and Wales where a person disclaims, that is, rejects an inheritance or is disqualified from receiving an inheritance by reason of the forfeiture rule."

The East Yorkshire MP's Estates of Deceased Persons (Forfeiture Rule and Law of Succession) Bill will also mean that an estate can be inherited by grandchildren if the legacy is forfeited or rejected by their parents.

In addition, Lovemoney.com said that a person and their family will get numerous benefits from making a will, such as reduced probate costs and a simpler probate process.

Published by Tessa Jones