Update to Intestacy Rules in England and Wales: Statutory Legacy Increased to £322,000
The Intestacy Rules in England and Wales have recently been updated, with the statutory legacy increasing from £270,000 to £322,000. This change, which came into effect on 26 July 2023, marks the first increase to the statutory legacy since 2014 and is aimed at reflecting the rising cost of living.
The statutory legacy is a fixed sum of money that is paid to the surviving spouse or civil partner of someone who dies intestate, along with all of the deceased’s personal possessions. With the increase in the intestacy limit, more properties are expected to pass entirely to the surviving spouse, especially considering the current average house price in England and Wales.
The escalation in inflation rates has played a significant role in the decision to raise the statutory legacy, with the cost of living surging by over 15% since the last limit review in 2020. This adjustment is likely to have a positive impact on firms, as more individuals may now be inclined to make a Will. However, it could also lead to an increase in the number of people dying intestate, as they may feel that their spouse or civil partner will be adequately provided for.
In cases where individuals pass away without leaving a Will and no known next of kin, it is important to remember that there are often living and entitled next of kin, even if they are distantly related or residing abroad. Finders International offers a solution for finding relatives of deceased individuals without incurring any risk or fees, while adhering to best practices.
If you are a Solicitor or other professional seeking assistance in administering an estate or locating rightful beneficiaries, you can contact Finders International at quotes@findersinternational.co.uk or visit their website for more information.
Overall, the update to the Intestacy Rules in England and Wales serves as a reminder of the importance of estate planning and ensuring that loved ones are provided for in the event of intestacy.