Increase to statutory legacy
From the 1 February 2009 the statutory legacy will increase to £250,000 and £450,000 after concerns that the levels of the statutory legacy, currently set at £125,000 and £200,000, were too low.
The statutory legacy is the amount payable to a surviving partner from the estate of his or her spouse or civil partner when they die intestate, that is without leaving a valid will.
Most people will want to leave gifts to people other than their partner or spouse, so it is important to make a will in order to ensure that all your wishes are carried out. Where there has been divorce and re-marriage it is particularly important to set out your wishes clearly.
Whenever someone dies, dealing with their estate can be distressing for the family of the deceased. It is further complicated when someone has not drawn up a will.
The intestacy rules are a default regime for people who have not made a will. Firstly, any inheritance tax must be paid, then all debts must be repaid, whether the dead person has made a will or not. After that, the Administration of Estates Act 1925 sets out who gets what in every situation where there is no will.
If you wish to give gifts to your wider family and friends, or support a charity through a bequest, this would be set out within your will, providing clarity and comfort for your surviving family.
From a financial point of view, it is especially important for anyone with their own business interests to make appropriate arrangements to ensure continuity of the business.
Please contact us today, if you would like to draft a will or amend your existing will.
Disclaimer
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published.Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
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