The Statutory Legacy Has Increased- Should I Still Make A Will?
In July 2023, the Statutory Legacy amount was increased, Wills & Probate Solicitor Megan Lovell discusses the impact of this in her latest blog….
What Is The Statutory Legacy?
This is a fixed sum of money along with the deceased’s personal possession which is paid to a surviving spouse or civil partner of someone who has died intestate. This means they died without leaving a valid Will. Without a valid Will, your assets pass under the laws of Intestacy.
From 26th July 2023 the statutory legacy amount was increased to £322,000. The increase in the legacy is intended to reflect the rising cost of living. But what does this increase mean for married couples/ civil partners? Many couples may feel that they do not need to make a Will and this could lead to more people dying intestate because they feel their spouse or civil partner has been provided for. However it is important to still consider making a Will.
Why Is It Important To Make A Will?
By making a Will you decide who you want to benefit from your estate (i.e. your assets) when you pass away. This could include a legacy to grandchildren, a friend or a charity. Without a Will then your estate will not necessarily pass to who you want it to.
For example, without a valid Will, the surviving partner of an unmarried couple will not inherit the statutory legacy and would have to consider court proceedings in order to receive anything from their partner’s estate.
You should also consider what happens if your estate is over the statutory legacy. Under the intestacy laws, anything over the statutory legacy is shared between your surviving spouse and your children, if you have children at the date of your death.
It is also important to make a Will if you have children. A Will allows you to appoint a guardian, someone you trust, to be given the task of bringing up your children, in the event you pass away. A Will also enables you to specify how your children are to benefit and if you wish for them to inherit at a particular age.
If you are currently going through a divorce, it is vital to consider making or amending your Will, so that your estranged spouse does not inherit.
By making a Will you can also potentially reduce the effects of residential care home fees, by protecting one half share of your property.
A Will is also important to assist with tax planning.
I Already Have A Will: Should I Update It?
If you do have a Will in place, but this was made some time ago it is important to review your Will and check it meets with your intentions. We recommend that Wills are reviewed every 3 years to take into account any change in your family circumstances or the law.
Is it Expensive to make a Will?
Our fees are competitive, and we are also members of charitable schemes where a charity will pay for/ towards the cost of your Will.
A Will is essential to ensure your wishes are carried out. Focus on why you’re preparing it and see it as your chance to appoint those who you trust to deal with your affairs and who you wish to benefit.
How We Can Help
I am a Solicitor based at Timms Ashby and Swadlincote offices and I am also a Member of Solicitors for the Elderly. If you require help or advice on preparing a Will then please do not hesitate to contact me on 01530 564498 or email m.lovell@timms-law.com.
Megan Lovell
September 2023