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Wills still the best option despite planned statutory legacy sum increase
The statutory legacy, allowing surviving spouses and civil partners to inherit from the estates of their deceased partners where they haven’t made a Will, is due to rise to £270,000 on 6 February 2020.
This will be the first increase in more than five years, having previously been set at £250,000 in 2014.
Although the new figure has been broadly welcomed, the importance of making a Will and avoiding reliance on the strict rules attached to the statutory legacy cannot be under-estimated. In many parts of the country, the statutory legacy sum is insufficient to cover the value of a property, even considering the increase. Furthermore, the statutory legacy only applies to married couples or those in a civil partnership, not cohabitees.
Intestacy rules stipulate that the surviving partner receives the first £270,000 (statutory legacy) of the estate plus half of the remaining estate (along with all the personal property of the deceased) with the rest of the estate split between their children.
The greatest benefit of writing a Will is that it allows you to determine exactly how your estate is to be distributed and alleviates the potential burdens on your loved ones when it comes to administering your estate.
At Buckles, we can prepare your Will and advise on associated matters, such as Lasting Powers of Attorney and wealth preservation, drawing on the expertise of our specialist lawyers across a range of departments.
If you would like to arrange a no-obligation appointment to discuss your situation, please contact us on 01733 888888.