02/03/2020
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.”
If you’d like to speak to someone about making your Will, contact Russell & Russell’s probate team for a free, no obligation consultation.
Please note that this article is meant as general guidance and not intended as legal or professional advice. Updates to the law may have changed since this article was published.