Legal

Spouses receive more inheritance under updated rules

When a person dies without leaving a Will a default set of rules, known as intestacy, dictate who receives the inheritance and in what proportions.

 

02 Oct 2023

Team name
Manzurul Islam

Manzurul Islam

Generally speaking, a spouse or civil partner would be at the front of the queue for inheriting.  The intestacy rules state that they would receive the first £322,000 of an estate, known as the Statutory Legacy, followed by half of the remainder with the balance going to children.

The Statutory Legacy had been set at £270,000 for many years, but has been revised with effect from 26th July 2023 to £322,000 because of current high inflation rates. This means that the spouse or civil partner of a departed loved one is now set to receive a larger portion of their partner’s estate.

M&P Commentary

Manzurul Islam, Head of Wills & Probate at Mullis & Peake LLP, said:

“A Will is the best way to ensure your estate passes to those you intend to, rather than allowing the default intestacy rules to take effect.  Not having a Will can be particularly problematic for unmarried couples or blended families.  It can also lead to an estate paying more inheritance than might otherwise be the case if there was a Will. Seek the help of a qualified and knowledgeable expert, such as a regulated law firm like Mullis & Peake LLP.”

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