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.
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.
“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.”