The Lord Chancellor has announced an increase of the statutory legacy figure from £250,000 to £270,000, which comes into force on 6th February 2020.
This means that spouses or civil partners with children will be able to inherit £270,000 from intestate estates rather than £250,000. Which was the statutory legacy figure set in October 2014.
This equates to an increase of 8.1% of the £250,000 sum.
What happens if someone dies without making a Will – also known as dying intestate?
The law determines how much of their estate their partner, children and other relatives will inherit.
Under intestacy rules, if there are no children, the partner will inherit the entire estate.
If there are children, partners will inherit all of the deceased’s personal property. The first £270,000 of the estate and half of the remaining estate – the other half will go to their children.
This increase is very welcome. However, many people are unaware that under intestacy laws, unmarried partners and close friends cannot inherit.
Maplebrook Services can help individuals write a Will that ensures their estate is inherited exactly as they would choose and can avoid accumulated wealth being inherited by people they would not wish to inherit. For further guidance and advice, please contact Wayne Barnett & his team by emailing info@maplebrookservices.com, calling 26 600780, or completing the contact form below.