Having your will drawn up professionally by a qualified solicitor is always a sensible precaution,...
The importance of having a will in place is more crucial than ever, given the recent government policy change effective from 26th July 2023.
This alteration in the 'statutory legacy' raises the default amount from £270,000 to £322,000, which a spouse or civil partner automatically inherits in the event of a death where no will has been established. The balance of the estate is equally distributed between the surviving spouse or civil partner and any children, if present. If there are no children, the spouse or civil partner solely inherits everything. It’s important to note, this provision excludes couples living together.
The reality is that without a will, only those who are married or in a civil partnership can inherit up to £322,000, and 50% of the remaining estate. Unmarried couples without wills are at risk of receiving nothing.
The bottom line is without a will, your family are unprotected and the distribution of your estate will be governed by the UK law.
Furthermore, without a will, family disputes are more likely once you are gone.
Seek advice from our Private Client Team on 01827 317081 or email eharrison@pickerings-solicitors.com
The contents of this article are intended for general information purposes only and shall not be deemed to be or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
