Put Your Mind At Rest and Make Your Will
The government has increased the “statutory legacy” for partners of people who die intestate from £250,000 to £270,000.
If someone dies without a will which is also known as dying intestate, the law determines how much of the estate their partner children and other relatives will inherit. Under current intestacy rules, if there are no children, the partner will inherit the entire estate. If there are children, partners will inherit all of the deceased’s personal property, the first £250,000 (soon to be £270,000) of the estate and half of the remaining estate – the other half then going to their children.
The government had said it would raise the amount partners can inherit, in line with the consumer price index, which is every five years. The amount was set at £250,000 in October 2014 and will be increased to £270,000 from 6 February this year, 2020; which is slightly beyond the initial deadline.
Commenting on the imminent rise, Law Society President Simon Davies stressed the following, about the importance of people making a will:
“This increase is very welcome, but many people are unaware that under intestacy laws, unmarried partners and close friends cannot inherit. Writing a legally valid will with the help of an expert solicitor ensures people’s estate is inherited exactly as they would choose and can prevent a whole raft of problems landing on loved ones when they are grieving.”
We completely agree with the above statement from the Law Society, and our expert team can assist you in the preparation of your will and we can also advise you on all areas of will writing and probate law.
If you wish to make plans now to secure your loved one’s future, put your mind at rest and make your will. Make a start and get in touch today.