Changes to the amount that your spouse or civil partner may receive on your death from your estate if you die without a Will will kick in from next month.
Amendments to the law, which come into effect from February 6, mean that spouses and civil partners will now receive a statutory legacy of £270,000 rather than £250,000 as at present.
Jessica Rowbotham, solicitor in the Private Client team at Wake Smith Solicitors, looks at what the Administration of Estates Act 1925 (Fixed Net Sum) Order 2020 means for family inheritance.
She said: “If a person dies without leaving a Will, the laws of intestacy govern who their estate will pass to.
“At present, if a person dies leaving a spouse or civil partner and children, the spouse or civil partner will receive the personal chattels of the deceased, and the first £250,000 of the estate.
“This is known as the statutory legacy. Of anything over this, half will also pass to the surviving spouse or civil partner, and the remaining half will be split equally between any children of the deceased.
“The new law which comes into effect in early February increases the statutory legacy from £250,000 to £270,000.
“Under intestacy rules, if there are no children, the spouse or civil partner will inherit the entire estate.”
Jessica added: “If you would like your estate to be distributed in a different way, for example if you would like your entire estate to go to your spouse or civil partner if they survive you, then you must make a Will.
“Wake Smith can also advise you about any tax implications of your estate on your death, and any potential claims on your estate after your death.”
If you would like to discuss making a Will please contact the Private Client team at Wake Smith solicitors on 0114 266 6660.
