From 26th July 2023 the Statutory Legacy on intestacies has increased from £270,000 to £322,000.
This means that where a person has died without a Will leaving a spouse or civil partner, they will receive the first £322,000 in the estate. Anything over this amount will be shared as to 50% to the surviving spouse and 50% to the deceased’s children. If the person died with no children then the surviving spouse or civil partner will inherit the whole estate.
This will apply to people who have died on or after 26th July 2023. The previous sum was £270,000.
It has been increased in line with inflation and is an indication of the significant changes to the cost of living.
If the spouse or civil partner is due to inherit, they must survive the Deceased by 28 days, or the next class of beneficiary will inherit
If the Deceased did not have children (including adopted or illegitimate children), the Statutory Legacy sum is not applicable – the spouse or civil partner will receive everything