The UK government has laid a statutory instrument setting a new statutory legacy, increasing the existing sum of £270,000 to £322,000, with the change effective from 26 July 2023.
The statutory legacy determines how much a spouse or civil partner is entitled to from a deceased’s estate where they have died intestate with children. This sum is the amount awarded before the remainder of the estate is shared.
The sum is due to be reviewed every 5 years, however, the legislation allows for the government to review the sum ahead of the 5-year period. Owing to such a sharp rise in inflation of over 15%, in this instance, the decision to expedite raising the sum has been deemed most appropriate.
The Society of Will Writers would like to express that whilst this increase allows for more of a deceased’s estate to pass to their spouse or civil partner under intestacy laws, it remains just as important as ever that every eligible adult considers more effective planning by writing a Will.
We have published an updated intestacy flowchart in line with the new sum coming into effect from 26 July 2023, available for download here. SWW Members should ensure their own notes, advice and literature are updated to reflect this change.
*All information correct at the time of publication.
** Article updated 27/07/23 to include a link to the updated intestacy flow chart.