The short answer to that question is, yes. Absolutely!

For deaths occurring on or after 26th July 2023, the statutory legacy has been increased from £270,000 to £322,000. Statutory legacy is a lump sum payment which passes to the surviving spouse when the law decides who the deceased’s estate will go to, because they did not make a Will.

The statutory legacy increase to £322,000 is a bit of good news for those who do not have a Will and to surviving spouses, who will have more funds available to them on death, but it does not change the need for you to have a Will.

By making a Will, you can take control of your estate and assets. You clearly set out how you want your estate to be distributed, who deals with distributing it, choose beneficiaries and the share they receive. You can ensure that your spouse, children, and any other loved ones (even your pets) are provided for. You can include provisions for guardianship of children under 18-years-old, make charitable donations, and other personal wishes.

Making a Will ensures that your assets are passed on in accordance with your wishes. By simply putting a Will in place you can protect your loved ones from any complications and disputes that may arise upon your death. It will already be a difficult and emotional time for the people who loved and cared for you, a Will can help lift a significant burden from the shoulders of those you have left behind and make grieving a little easier.

The short answer to that question is, get in touch with us!

We have the experience and expertise needed to help you provide for your loved ones and realise your wishes upon death. We will happily chat to you about your circumstances and costs in confidence and with no obligations.

We are proud to be members of the Law Society’s Wills & Inheritance Quality Scheme (WIQS), a prestigious mark of high quality which requires us to provide enhanced standards of expertise, client care and service. Some individual members of our team also have additional specialist qualifications as members of respected professional bodies such as: the Society of Trust & Estate Practitioners (STEP), Solicitors for the Elderly (SFE) and the Law Society’s Private Client Section.

Once the statutory legacy has been paid, the rest of the deceased’s assets are split 50% to the surviving spouse and the other 50% passed to any children at the age of 18, in equal shares. The statutory legacy is always paid first, so it could result in less funds passing to the deceased’s children, which may not be what the deceased wanted.

Also, different rules apply to those who die unmarried because the intestacy rules (the laws that govern when someone dies without a Will) do not recognise a common law spouse.

The change to the statutory legacy limit does nothing to address the fact that many modern family setups are still not catered for by intestacy rules. For example, cohabitees who have lived together for many years, but are not married or in a civil partnership, have no automatic rights of inheritance under the intestacy rules. This can be an issue if the house is just owned by one cohabitee. The surviving cohabitee has no automatic legal rights to inherit the property and could potentially find themself homeless, causing unnecessary uncertainty and distress.

It is also the government that ultimately decides the statutory legacy, which means it could change again.