Reasons to choose Wilson Browne
The Government has just announced an increase to the amount of the Statutory Legacy that passes to the spouse or civil partner of people who die intestate. The new Statutory Legacy will come into force on 6th February 2020 and will increase the amount due to a spouse or civil partner – with children – from £250,000 to £270,000. The Government raises the amount that spouses or civil partners can inherit every five years, in accordance with the consumer price index.
If someone dies without making a Will, this is known as dying intestate. The law then determines how much of their estate their spouse, civil partner, children and other relatives will inherit. Under the current intestacy rules, if there are no children, the spouse or civil partner will inherit the entire estate. However if there are children, spouses and civil partners partners will inherit all of the deceased’s personal property, the first £270,000 of the estate (£250,000 until 6th February) and half of the remaining estate, with the remaining half going to their children.
Whilst the increase is a positive step, many are still unaware that unmarried or cohabiting partners cannot inherit under the intestacy provisions and as such, it is crucial that you have a valid Will. Writing a Will ensures that your estate is distributed in the manner in which you would choose and can prevent many issues arising, at an already difficult time for your loved ones.