The statutory legacy has been increased from £270,000 to £322,000.

The Statutory Legacy is the sum a surviving spouse or civil partner is entitled to receive when a person dies intestate (without a valid Will), leaving surviving children (whether or not those children are over 18). 

If someone dies without a Will, they are deemed to have died intestate, and their estate will be passed by the intestacy rules. Any assets owned jointly (as joint tenants) pass to the surviving co-owner.

The Rules can be complicated in some family arrangements but favour a person’s spouse/civil partner, followed by their children and remoter family members such as siblings, nieces, and nephews. Cohabitees and so-called ‘common-law spouses’ (which do not exist in English Law) are not accounted for by the Rules. 

The increased Statutory Legacy means a spouse will receive the first £322,000 of the estate. If the estate has a value equal to, or less than the Statutory Legacy, the spouse will receive the entire estate. If the estate has a value greater than £322,000, any value over and above this sum will be divided as 50% to the spouse and 50% to the children. 

Although the increase to the statutory legacy helps the surviving spouse/civil partner, making a Will means that you are not relying on the intestacy rules and any potential changes that could be brought in.

The increase came into effect on the 26th July 2023.

What You Can Do

The simplest and most effective way to protect your family’s future is to ensure you do not die intestate and have a valid Will created. You can further protect your estate by having a Lasting Power of Attorney, which guarantees that your family controls your estate and well-being if you lose mental capacity. For more information on LPAs, please click here

RJS Solicitors provide legal advice to businesses, their owners, and families. We assist them in growing, protecting, and transferring their assets and wealth. Please contact us by calling 01782 646320 or email info@rjssolicitors.com if we can be of any help.

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