Intestacy rules to change…make a Will

The intestacy rules apply to an estate if someone passes away without a Will.

The government has recently confirmed that it has made a Statutory Instrument to set a new Statutory Legacy (fixed net sum) of £322,000 which will come into effect on 26th July 2023.

Prior to this, the first £270,000 of an estate would have passed to a surviving spouse with the remainder split into two parts to be divided between the surviving spouse and any children.

The adjustment may have come about to take into account the increase in house prices. An easier way to make provision with regard to your house, and who benefits from it, is to simply make a Will. This can ensure your house is left to the person you want it to go to rather than leaving the distribution arrangements to the intestacy rules. If you own a house worth more than £322,000, it could be left between your spouse and children, instead of going to your spouse outright for instance. A Will could prevent this.

Planning to prevent the intestacy rules taking over your estate is one reason to make a Will. There are a lot of other reasons to do this. A Will allows you to choose your executors to manage the distribution arrangements, leave assets to beneficiaries over the age of eighteen into a Trust to protect them and allows you to plan for care fees and Inheritance Tax.

Our experienced team would be pleased to speak with you to discuss your Will planning arrangements. Please call us on 01606 74301 to speak with Rob Gore or Melissa Hamilton to find out more.