Statutory Legacy Increase 2023 – What has changed?
What is Intestacy?
When an individual dies without making a Will, they are considered to have died intestate.
This means that an immediate family member, usually a spouse or civil partner, in accordance with current UK inheritance laws will need to be made an Administrator, which will give them the right to manage the deceased’s estate.
What is the Statutory Legacy?
The Statutory Legacy is the sum that a surviving spouse or civil partner is eligible to receive from the estate in cases where the deceased has passed on intestate (without making a Will), with children.
On the 27th July 2023, the Statutory Legacy increased in England and Wales from £270,000 to £322,000. This means a surviving spouse or civil partner is now entitled to an additional £52,000.
For deaths that occurred prior to the 27th July 2023, the old rules still stand.
Why was this change brought in?
The government brought this change in to help with the current cost of living crisis in the UK.
The original review date was set for January 2025, however, with inflation rates rising since the last review of the law in 2020, there is a higher chance that a surviving spouse or civil partner may find themselves in a financial position that requires them to sell the deceased person’s property to release funds.
The government hopes that this increase of £52,000 will offer greater security for surviving spouses & civil partners.
How can I protect my spouse?
The best way to ensure that your loved one inherits your family home is to create a Will.
If you die “intestate” (without making a Will) and have children or other dependents, your spouse can only receive the first £322,000, plus personal possessions, of your estate outright. So, without a Will, your spouse may not even inherit the whole of your matrimonial home.
How Eric Robinson Solicitors can help
Losing a loved one is always tough. When they pass on without making a Will, it can make that situation harder, as it can put an unwanted strain on family relationships.
At Eric Robinson our expert solicitors can talk you through the Rules of Intestacy, offering sensitive support throughout the process.
Contact Eric Robinson Solicitors today for expert probate & estate advice on 02380 218000, or simply fill out our contact us form.