The Statutory Legacy Sum increase came into force on 26th July. The Government has confirmed that the fixed net sum has increased from £270,000 to £322,000.
This means, if a person dies without a Will, in addition to being entitled to their personal effects, their spouse or civil partner will automatically receive up to £322,000 worth of assets from the deceased’s estate, with the remaining sum split 50/50 between the surviving spouse/civil partner and any children.
If there are no children then the surviving spouse/civil partner will automatically inherit everything. But this is only applicable to those who are married or in a civil partnership, and doesn’t include cohabiting couples.
It is important to note that unmarried couples who don’t have a Will in place risk ending up with nothing. Getting married does not have to be necessary but making a Will really is advised. Without one, you and your loved ones are unprotected and instead, the distribution of your estate will be determined by the rules of intestacy under UK law.
Now more than ever, it’s important to ensure a Will is made to protect your family. You are ensuring that the people you want to benefit from your estate will inherit it.
Find our guide to making a Will here.