The statutory legacy for partners on intestacy is a key legislative change. However, the importance of having a will should not be overlooked as despite the increase, the legacy is still capped.
The intestacy rules are complex, convoluted and full of misconception. These complications are easily avoided with a well written will which ensures that your estate is left to your loved ones. Leaving the administration of your estate in the hands of these statutory rules can cause more of a headache for those already suffering.
Further, the intestacy rules do not allow for inheritance tax planning opportunities whereas a will is a vital tax planning tool.
The government has kept its promise to update intestacy rules every five years – albeit three months after its deadline passed. The change increases the statutory legacy for partners of people who die intestate from £250,000 to £270,000.