DID YOU KNOW…
From the 6th February 2020, the Statutory Legacy is increasing from £250,000 to £270,000.
By Stephanie Greaves
If you die without making a valid Will, the Intestacy Rules state who benefits and in what order. The Statutory Legacy is the fixed sum a spouse will receive if their spouse dies and they have children (the rules are different if the deceased had no children).
Contrary to popular belief a spouse does not automatically inherit the whole of his or her deceased spouse’s Estate. You can avoid any uncertainty in the event of your death by making a Will and ensure that your property and affairs can be dealt with more easily and without added doubt and anxiety for your family at a difficult time in the event of your death by making a Will.
Why make a Will?
- You can decide who deals with your affairs by appointing Executors. You may wish to read our separate Article on “Who are Executors and what do they do?”
- You can decide who inherits your Estate and how it is divided.If you do not make a Will there are certain rules which dictate how your assets will be divided.This may not be the way that you would like.
- If you are not married or in a Civil Partnership, you can make sure your partner is provided for.If you do not make a Will your partner may receive nothing from your Estate.
- You can appoint Guardians for any minor children.
- You can decide at what age you would like your children (and/or any other beneficiary) to inherit from your Will.
- If you make a Will, you may be able to save Inheritance Tax or arrange your affairs so that you can minimise the effect of such tax
- You can plan ahead taking into account the future costs of care home fees. Talk to us today about preparing your Will.