Changes in Statutory Legacy Legislation 2023

Effective as of the 26th of July 2023, there has been a significant development in statutory legacy regulations. This adjustment has seen the statutory legacy amount increase from the previous £270,000 to the new and enhanced sum of £322,000. 

In this article, we will cover what statutory legacy is, the new rules, which became effective with the increase, and how our team of expert probate solicitors can help!

What is a Statutory Legacy?

Statutory Legacy is an amount that a surviving spouse or civil partner would be entitled to in the unfortunate event of a person’s passing without leaving a valid will, known as dying in intestate. This entitlement comes into effect when the deceased individual leaves behind both a spouse or civil partner and children.

New changes in legislation

The new statutory legacy rules, effective from 26th July 2023 state that: 

• The spouse or civil partner will receive the first £322,000 and personal belongings of the deceased.
• The remaining assets will then be divided equally between the spouse or civil partner and the children. In effect, the spouse or civil partner will also receive 50% of the remaining assets and the children will receive 50% of the remaining assets between them.

Statutory legacy only comes into effect if a person dies without having a valid will, known as dying in intestate. Therefore, it is important to make a will to ensure your assets (estate) are passed onto those you want to receive them. Many people believe everything goes to their spouse or civil partner upon their death, this is not the case and a valid will is the only way this can be achieved. 

An anticipated scenario, arising from the recent legislative changes, involves cases where the deceased was the sole owner of the family home. Depending on the property’s value, the revised statutory legacy threshold may force surviving spouses or civil partners to consider selling the property to fulfil their financial obligations to the children or they might need to involve the children in the property deeds, which could potentially restrict the flexibility of the surviving partner in managing the property in the future.

This increase in the statutory legacy will provide greater financial security for the surviving spouse or civil partner. However, it is important to note that the intestacy rules do not always reflect the wishes of the deceased.

How can our Probate Solicitors help?

In the unfortunate event you are faced with statutory legacy, it is essential to seek legal advice on the intricacies of these regulations. Our experienced probate solicitors are well-experienced with the new legislation and are here to provide you with the knowledge and support you need to navigate these changes.

Whether you are a surviving spouse or civil partner navigating the complexities of statutory legacy legislation or you are an individual contemplating the importance of making a will to ensure your assets are distributed according to your wishes, our team are here to offer you expert advice and guidance. We understand that the best way to honour your intentions and protect for your loved ones following your death is by having a will.