The Government has announced an increase in the amount of the statutory legacy on intestacy. The statutory legacy is the amount which a spouse or civil partner receives from the estate of their husband, wife or civil partner who dies without leaving a Will – assuming, of course, that there is that much in the estate.
It is often assumed that the assets pass like this automatically in these circumstances. Without a Will, however, the assets are divided according to the intestacy rules, which share the estate amongst a wide range of relatives. The statutory legacy ensures that spouses and civil partners benefit, at least to some extent, ahead of anyone else.
From 1 February the limit is set at £250,000 where the deceased also left children, and £450,000 where there are no children. The equivalent limits until that date are £125,000 and £200,000 respectively.
Please contact Helen Freely or Felix Appelbe on 020 7242 7000 if you want to know more about this or about making a Will.
