Increase In Statutory Legacy Sum Comes Into Force On 26th July
The government has confirmed that the Statutory Legacy fixed net sum will increase from £270,000 to £322,000 on 26th July. The Statutory Legacy sum is the amount, set by the Government, to which the surviving spouse or civil partner of a person who dies intestate, but with children, is entitled to first from the estate before the remainder is shared.
Expert Opinion“Where a person dies in England and Wales without a valid will in place then, under the rules of intestacy, the estate of the deceased is distributed in a specific way depending on who survives, how they are related to the deceased and how many individuals there are. The order of priority for who inherits is: spouse or civil partner, children, parents, siblings, grandparents, aunts/uncles. The rules tend not to take into account modern relationships and make no provisions for co-habitees, step-children, friends, or favoured charities.
“This is good news for people struggling with the cost of living crisis and rising inflation,”
“The average house price in England and Wales is currently £286,489 as of April 2023 which means that a married couple with children together – where the deceased passed away owning the house in their sole name – would currently have the first £270,000 passing to the spouse, the rest split between the spouse and the children.
“The best way to be certain about how your estate is distributed to your family, friends and favoured charities when you die is by making a will.” Ian Bond, Private Client Partner