📢 Increase in Statutory Legacy 2023 📢
I wanted to share an important update regarding the increase in the amount of fixed legacy a spouse or civil partner can receive if the deceased passed away without a Will. Currently set at £270,000, the fixed sum is being raised to £322,000 as of 26th July 2023, according to The Administration of Estates Act 1925 (Fixed Net Sum) Order 2023. This increased amount is known as the Statutory Legacy.
It's crucial to note that this change only applies when a person dies intestate without a Will, leaving behind a surviving spouse or civil partner and children. The new rules, effective from 26th July 2023, are as follows:
1. The spouse or civil partner will receive the first £322,000 and personal chattels of the deceased.
2. The remaining assets will be divided equally between the spouse or civil partner and the children.
While these rules are applicable, it's essential to recognize that they may not be suitable for everyone. That's why it is strongly recommended to create a Will and review it periodically, especially when your circumstances change. It's a prudent step to ensure your wishes are accurately reflected in your Will.
If you need assistance or wish to discuss your Will, I invite you to reach out to Trent Law Solicitors. They have a dedicated Wills and Probate team led by Mr Irfan Rashid.