Intestacy- Statutory Legacy increase
I am frequently asked “what would happen if I died without making a will”. The short answer is that you will have no control over who benefits and how your estate will be distributed.
The long answer is that the law sets out who benefits under the Intestacy Rules. For example, if when you die you are married with children, the Intestacy Rules set out how much of your estate will pass to your spouse/civil partner (the Statutory Legacy) and how much would be divided between your children.
The current Statutory Legacy for a spouse/civil partner is £250,000. This means that if you are married and die without leaving a will. Your Spouse/civil partner will receive the first £250,000 of assets in your sole name (subject to some exceptions). You must of course be married or have a valid Civil Partnership for the rules to apply. Co-habiting/living with someone is not enough.
The Government announced last week that the Statutory Legacy will be increased to £270,000 on 6th February 2020.
It is important that you seek the advice of a solicitor who can explain to you how the Intestacy Rules would apply in your circumstances and who would be able to assist you in the drawing up of your will.
If you wish to make a will or need some advice contact solicitor, Rhian Vaughan at rvaughan@gabbs.biz
