On 26 July, the Administration of Estates Act 1925 (Fixed Net Sum) Order 2023 came into effect increasing the statutory legacy from £270,000 to £322,000. This is the fixed net sum that a deceased's surviving spouse or civil partner is entitled to if their partner dies intestate and leaves children. It is often assumed that the surviving partner will inherit everything when there is no Will; however, when other surviving close relatives exist this is not the case.
Despite the £52,000 increase, the statutory legacy remains very low when compared to the size of some estates. Without a well drafted and effective Will, intended beneficiaries may lose out, and you may not make the best use of inheritance tax exemptions and reliefs.
If you require advice about creating or updating your Will, please contact Wedlake Bell's Private Client team. Wills and Succession Planning - Wedlake Bell