Effective from the 26th of July, the statutory legacy will increase from £270,000 to £322,000.
The Statutory legacy is the fixed net sum to which the deceased’s surviving spouse or civil partner is entitled from the estate, when the deceased died intestate. Intestate means died without a valid Will.
If the deceased died on or after 6 February 2020 but before 26 July 2023 the spouse or civil partner will be entitled to £270,000 of the estate and half of the remainder of the estate if the estate value is more than £270,000.
If the deceased died intestate on or after the 26th July 2023 the spouse or civil partner will be entitled to £322,000 of the estate and half of the remainder of the estate if the estate value is more than £322,000.
Despite these changes, the rules of intestacy are often inadequate for many families’ circumstances and it is important to have a Will in place so that you decide who inherits your estate rather than leaving it to the intestacy rules.