Change in intestacy rules
The government has recently announced an increase in the Statutory Legacy which is currently set at £270,000.
Without a Will in place, the rules of intestacy apply. At the moment, your spouse or civil partner will receive a fixed sum of £270,000 (known as the Statutory Legacy) upon your death plus your personal possessions and 50% of the remainder of your estate. The other 50% will pass to your children.
From 26th July 2023, this fixed sum will increase to £322,000.
The increase in the Statutory Legacy is a welcome change in the law, particularly given increasing house prices in recent years which would ordinarily mean that the family home may need to be sold to pay inheritance due to your children.
Getting your affairs in order now gives you peace of mind that your estate will pass in accordance with your wishes. If you require advice about how your estate will pass on death and to discuss putting a Will in place, get in touch with our Wills, Trusts & Probate Team on 01752 660384 or email email@example.com.
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