If you die without a Will, your estate will be distributed according to the intestacy rules. These rules set out who will inherit your property and how much they will receive.
On 26 July 2023, there were some changes to the intestacy rules in England and Wales. One of the most significant changes is an increase in the statutory legacy. The statutory legacy is the amount of money that a surviving spouse or civil partner is entitled to receive under the intestacy rules.
The Statutory legacy has increased from £270,000 to £322,000. This means that a surviving spouse or civil partner will receive an extra £52,000 if their spouse or civil partner dies without leaving a Will.
This increase is welcome news and will provide greater financial security for the surviving spouse or civil partner. However, it is important to note that the intestacy rules do not always reflect the wishes of the deceased person. If you want to make sure that your property is distributed in the way that you want, it is important to make a Will.
A Will allows you to appoint your own beneficiaries and to specify how you want your property to be distributed. It is also a good opportunity to set out your funeral wishes and to appoint an executor to manage your estate after your death.
If you do not have a Will, you should consider making one as soon as possible. A Will can help to ensure that your estate is distributed in the way that you want and that your loved ones are taken care of after your death.
Other Changes To The Intestacy Rules
In addition to the increase in the statutory legacy, there are a few other changes to the intestacy rules in England and Wales from July 2023. These changes include:
- The age at which children become entitled to inherit under the intestacy rules will increase from 18 to 19.
- The rules on how stepchildren inherit will be simplified.
- The rules on how half-siblings inherit will be clarified.
These changes are relatively minor, but they will affect the estate of some of those who die intestate after July 2023.
How We Can Help
If you are thinking about making a Will, it is important to be aware of the changes to the intestacy rules that have come in to effect. These changes could have a significant impact on how your estate is distributed after your death.
Posted on July 27, 2023