Statutory legacy set to increase as of 26th July 2023

The UK government will be increasing the existing statutory sum from £270,000 to £322,000, as of the 26th July 2023.

A statutory legacy determines how much a spouse or civil partner inherits from a deceased’s estate if they have died intestate with children. The current intestacy rules states that if you are married or in a civil partnership with children, with an estate over £270,000 with no valid will in place, then your spouse or civil partner will inherit the first £270,000, your personal chattels and half of what is left, with the other half of the estate being passed to the children. A full breakdown of the intestacy rules can be viewed by clicking here.

The last statutory legacy was updated from £250,000 to £270,000 in February 2020. Ordinarily, the statutory legacy is reviewed every five years, however there is legislation that allows the government to review the legacy ahead of the five year period. It is reported that the increased legacy is a result of a sharp rise in inflation.

However, it is important to remember that although the statutory legacy to a spouse or civil partner is increasing, the intestacy rules shouldn’t be relied on in place of writing a will.

Contact Heritage Will Writing on 02380 879243 or email info@heritagewillwriting.co.uk to discuss your will planning requirements today.