Statutory Legacy Increase – July 2023
With effect from 26th July 2023, the Statutory Legacy sum due to the deceased’s surviving spouse or civil partner will be increased from £270,000 to £322,000. A Statutory Legacy is a fixed sum a surviving spouse or civil partner is entitled to from the deceased’s estate when they die intestate.
An intestacy arises when a person dies without having made a valid Will. This means that their estate passes in accordance with the Intestacy Rules. The rules state that a surviving spouse or civil partner of a deceased who dies intestate is entitled to the deceased’s personal belongings and a Statutory Legacy (currently £270,000) before the remainder of the estate is shared between the spouse and children. Half of the remainder will go to the surviving spouse or civil partner and the other half will be shared equally amongst the children.
As of 26th July 2023, the Statutory Legacy due to the surviving spouse or civil partner will be £322,000.
Making a Will
It is important to remember that should you die without making a valid Will, it will be up to the law to decide what happens to your estate – this will not always be in accordance with your wishes – and with the increased Statutory Legacy, your spouse will receive a far higher sum before your children share in the estate.
The most effective way to protect your children’s future and to direct your estate in accordance with your wishes is to make a valid Will. A Will allows you to choose who benefits from your estate.
Statutory Legacy only benefits surviving spouse or civil partner – unmarried couples, or those not in a civil partnership, are not catered for under the Rules of Intestacy. By making a Will you can ensure your partner is looked after when you are gone.
Finally, a Will can create a tax-efficient vehicle for your estate to ensure your assets are preserved for your descendants.
Our Wills, Trusts and Estates team specialises in drafting Wills, tailored to your needs. Please contact us for further advice or to arrange an appointment.* Disclaimer: The information on the Anthony Gold website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. It is provided without any representations or warranties, express or implied.*