Raised Statutory Legacy
The Government has announced changes to the amount of the statutory legacy that applies to certain intestate estates.
Prior to 26th July 2023, if a person died without leaving a Will and there was a surviving spouse and children, the intestacy rules provided that the first £270,000 of assets would pass to the surviving spouse. If the estate exceeded £270,000, then the surviving spouse would receive the statutory legacy of £270,000, the personal chattels (contents of the home, car, etc) and half the remainder, with the children inheriting the other half of the remainder equally at age 18.
The changes are that if the person dies intestate from 26th July 2023 then the amount of the statutory legacy will now be to £322,000.
It is important that anybody who owns assets makes a Will to ensure that their loved ones are properly provided for, rather than relying on the intestacy rules. This is especially important where the person concerned has been married before and there are children from the first marriage or is a single parent.
In recent years, disputes about Wills have become much more common and making a Will with Solicitors can help to reduce the risk of this.
Graham & Rosen has a large private client department with specialist staff who can discuss your Will writing options with you. We can also discuss inheritance tax and care fee planning and help with Lasting Powers of Attorney and asset protection.
Written by: Steven Whiting