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Statutory Legacy for Spouses and Civil Partners raised to £270,000

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Statutory Legacy for Spouses and Civil Partners raised to £270,000

The Lord Chancellor has increased the amount of the statutory legacy payable when a person dies without a Will leaving behind a spouse or civil partner and children. The statutory legacy has been raised from £250,000 to £270,000 and takes effect from 6th February 2020.

Whilst the increase is welcome it does not alter the fact that if you die without a Will you do not have control over who inherits your estate. Married couples do not necessarily inherit everything from each other, whilst unmarried couples have no entitlement to inherit anything from each other under intestacy laws.  In both cases, having a correctly drafted Will in place is vital.

Taking professional advice will also ensure you are not paying unnecessary inheritance tax, which could be avoided with appropriate planning.

For a free 30 minute meeting to discuss planning for the future please call 01928 735 333.