Intestacy Law Change
Author: Emma Wood
The amount of money people automatically leave to their next of kin if they die intestate has changed.
Those who pass away without having made a Will are allowed to leave a statutory legacy – a set amount of money – if they have a spouse or civil partner and children. Until now, the fixed amount of money the deceased person’s spouse or civil partner could receive was £250,000 with anything over that being split equally between the partner and the children. The new legislation has increased this amount to £270,000.
Dying intestate means you die without having made a Will. This means it’s the law which decides who benefits from your estate, not you.
Emma Wood, partner in Russell & Russell’s probate department, says: “Although this may appear to be a lot of money, making a Will gives you the ability to choose who you want your money to go to. Don’t always assume that your estate will automatically go to your spouse because without a Will in place, the laws of intestacy apply which means you’ll be subjected to the spousal limit.”