Increase in Statutory Legacy: What You Need to Know
If you die without a Will in England and Wales, your estate will be distributed according to the Intestacy Rules. These rules set out who will inherit your assets, and how much they will receive.
One of the most important provisions of the Intestacy Rules is the statutory legacy. This is a fixed sum of money that is paid to the surviving spouse or civil partner of someone who dies intestate with children.
The amount of the statutory legacy is currently £270,000. However, on 26 July 2023, it will increase to £322,000. This is the first increase to the statutory legacy since 2020.
The increase in the amount of the statutory legacy means that surviving spouses and civil partners will receive even more financial security.
Who is eligible for the statutory legacy?
The statutory legacy is only available to surviving spouses or civil partners who have children. If there are no children, the entire estate will pass to the surviving spouse or civil partner.
An important point to add is that unmarried couples are not eligible for a statutory legacy and so your partner would receive nothing when you die if you were not married or in a civil partnership.
How much will I receive?
The amount of the statutory legacy is £322,000. This means that if you die intestate with children, your surviving spouse or civil partner will receive £322,000.
What happens if I don't have a Will?
If you don't have a Will, your estate will be distributed according to the Intestacy Rules. This means that your assets may not be distributed in how you would have wanted.
Get in touch with our Wills and Probate Team if you have any questions about the statutory legacy or would like to speak with one of our Will Writing experts. We are here to help protect your family and make sure your wishes are carried out.
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