Law Society Welcomes New Statutory Legacy Figure Increase
The new statutory legacy sum comes into force on 6th February 2020, means that spouses or civil partners with children will be able to inherit £270,000 from the intestate estates rather than the previous £250,000.
The Law Society President, Simon Davies, commented on the new Statutory Legacy sum and what it will mean for family inheritance:
"If someone dies without making a will- also known as dying intestate- the law determines how much of the estate of ther partner, children and other relatives will inherit.
"Under intestacy rule, if there are no children, the partner will inherit the entire estate.'
"If there are children, partners will inherit all of the deceased's personalproperty, the first £270,000 and half of the remaining estate- the other half will go to their children"
Simon added: " This increase is very welcomed, but many people are unaware that under intestacy laws, unmarried partners and close friends cannot inherit."
We say- Write a legally valid will to ensure your estate passes to those you want to benefit and prevent problems for those you care about fter you are gone.