Statutory legacy for partners raised to £270,000
The government has announced changes to the amount of the statutory legacy that applies to certain intestate estates.
Currently, if a person dies without leaving a will and there is a surviving spouse and children, the intestacy rules provide that the first £250,000 of assets pass to the surviving spouse absolutely. If the estate exceeds £250,000, then the surviving spouse receives the statutory legacy of £250,000, the personal chattels (house contents, car, etc) and half the remainder absolutely, with the children inheriting the other half of the remainder at age 18.
The changes are that if the person dies intestate from 6 February 2020 then the amount of the statutory legacy will increase to £270,000.
It is important that anybody who owns assets makes a will to ensure that their friends and family are properly provided for rather than rely on the intestacy rules. This is particularly the case where somebody has been married before, where the surviving spouse may be the step parent of the children from the first marriage.
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, together with lasting powers of attorney.