News
20 August 2008
Statutory legacy increases – but does not remove intestacy problems
From the 1 February 2009 the statutory legacy will increase to £250,000 and £450,000 after concerns that the levels of the statutory legacy, currently set at £125,000 and £200,000, were too low. This is the amount payable to a surviving spouse or civil partner from the estate of his or her spouse or civil partner dying intestate, that is without leaving a valid will.
Howard Heath, partner at Beswicks Solicitors, comments:
“When someone dies, with or without leaving a will, dealing with their estate can be complicated and distressing for the family of the deceased.”
He goes on to explain, “The intestacy rules are a default regime for people who have not made a will. Firstly, any inheritance tax must be paid, then all debts must be repaid, whether the dead person has made a will or not. After that, the Administration of Estates Act 1925 sets out who gets what in every situation where there is no will.”
“Couples still need to make a will in order to ensure that all their wishes are carried out. You will usually have views about who you wish to act as executors and who you wish to appoint as a guardian if you have any young children.”
From a financial point of view, it is especially important for anyone with their own business interests to make appropriate arrangements to ensure continuity of the business.”
Many people will wish to give gifts to their wider family and friends and may wish to support a charity through a bequest. All this would set out within your will, providing clarity and comfort for your surviving family.”
Click here to see twelve reasons why you need a will
To make an appointment to draft or update your will, contact Howard Heath or Sarah Mellor on 01782 205 000.
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