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. For unmarried couples having a correctly drafted Will in place is vital as under intestacy laws unmarried partners cannot inherit.
Taking professional advice will also ensure you are not paying unnecessary inheritance tax, which could be avoided with appropriate planning.
