Changes implemented last Thursday (6 February 2020) have brought a rise in the amount a surviving spouse can inherit if their partner, who had children, dies intestate (without a valid Will).
The Government has kept its promise to review the amount a surviving spouse can inherit automatically and has raised the statutory legacy amount to £270,000.
The increase means a surviving spouse or civil partner will inherit the first £270,000 of the deceased’s estate.
If the deceased owned a property or held a bank account jointly with their spouse, these assets will pass to the surviving spouse automatically. However if the deceased held any assets in his or her own name to a value of greater than £270,000, then the surviving spouse will be entitled to half of the remaining amount only with the rest being split as per the rules of intestacy.
These rules only apply to those who are married or in a civil partnership. If you are living with someone but are not married or in a civil partnership, your partner will not benefit from the statutory legacy amount and could receive nothing. It is therefore important that you write a will to ensure the people you love are taken care of when you’re gone.
To get a no obligation quote to write a Will, contact Debbie Ridehalgh on 01704 532 890 or 0151 928 6544 or email firstname.lastname@example.org