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.
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.
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.”