Important Changes to Intestacy Rules
From 1st February 2009 the statutory legacy for the widow or widower of an intestate spouse or civil partner where there are no children will increase from £200,000 to £450,000. If the intestate is survived by a spouse or civil partner and children the statutory legacy will increase from £125,000 to £250,000. The surviving spouse or civil partner will also benefit from a life interest in 50% of the assets over and above the statutory legacy with the remaining 50% passing to the deceased’s children.
Whilst the increase in the statutory legacy, the first since 1993 is welcomed the importance of making a Will and ensuring it is up to date cannot be stressed highly enough. If you die intestate (without making a Will) you are creating problems for family members left behind. This is particularly the case where there are children from a previous relationship involved. If you would like further information please contact our Private Client Team on either 01206 217580 or 01206 835217.