Important Information – Statutory Legacy Increase for England and Wales.

New legislation, The Administration of Estates Act 1925, (Fixed Net Sum) Order 2020, is coming into force, implementing and increasing the amount that spouses/civil partners inherit.

If somebody dies without making a will, then they are considered to have passed away intestate, meaning that the law will determine who will inherit, and how much of their estate.

Currently under the intestacy rules, if there are no children, the spouse/civil partner will inherit the whole estate.

If there are children, currently spouses/civil partners will receive the personal chattels, and a statutory legacy of £250,000 plus half of the residuary estate – the other half of the residue will go to the children.

From 6th February 2020, the statutory legacy to the spouse/civil partner will increase to £270,000.

Tel: 01684 291469