The government have announced an
increase to the statutory legacy for married couples and civil
partners to take effect from 1st February 2009. The statutory
legacy applies when a spouse or civil partner dies intestate – without
making a will.
When this occurs the statutory legacy, or the ‘chattels’,
is a lump sum payment from the deceased’s estate that goes
to the spouse or civil partner, before the rest of the estate
is divided between the spouse or civil partner and the children,
or, if there are no children, the deceased’s parents or
siblings.
Currently the amounts are £125,000 in the case that there
are children, and £200,000 in the case that there are no
children. The government have deemed these sums too low,
and as a result are introducing an increase in the amounts. From
1st February 2009 the statutory legacies of £125,000 and £200,000
will increase to £250,000 and £450,000 respectively.
Despite the new figures making distribution under the laws of
intestacy easier, and reflecting the increased cost of living,
the changes reflect the need to ensure that appropriate wills
are made. Making a will ensures that an estate is divided
according to an individual’s wishes.
To find out more about how we can help you, please contact Carvill & Johnson in Northfield, Birmingham. |
