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Increased Statutory Legacy Still Falls Short?

View profile for Gregory John
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Increased Statutory Legacy Still Falls Short?

News has broken this week that there has been a change to the statutory legacy that a spouse will receive when someone dies without a Will.

Under the current rules of intestacy, should a spouse die leaving a surviving spouse and children, the current statutory legacy payable to the survivor is £250,000, with any balance over this then being divided 50% to the survivor and 50% divided equally amongst all children. However, as of the 6th February 2020 the statutory legacy will increase to £270,000.

Although on the face of it this appears to be a positive move, based on the experience of the Private Client team here at Gepp Solicitors in dealing with intestate estates, it still falls short of ensuring that those you love the most receive the protection you may believe they will get under the law - which still makes no provision for unmarried couples.

In my opinion, there is no substitute for planning properly and ensuring that you have a suitable Will in place. This way you can direct what will happen to your estate and can ensure that you, and not the law, dictate how your loved ones are looked after.

If you wish to contact me or anyone within Gepp's Private Client department to arrange an appointment to discuss a Will or if a loved one has passed away without a Will and you have no idea who should receive what under the rules of intestacy, please do not hesitate to contact us on 01245 228125 or email me directly at johng@gepp.co.uk.