Big changes to Wills and inheritance rules: how will this affect you if you don’t have a Will?
Big changes to Wills and inheritance rules: how will this affect you if you don’t have a Will?
The Lord Chancellor made a Statutory Instrument on Tuesday 14th January to increase the amount of the statutory legacy which is payable when a person dies without a Will leaving behind a spouse or civil partner and children. The statutory legacy has been increased from £250,000 to £270,000.
The Lord chancellor is required by the Inheritance and Trustee Powers Act 2014 to review the level of the statutory legacy at least every five years.
View the Statutory Legacy and explanatory memorandum: https://www.gov.uk/government/publications/statutory-legacy-fixed-sum
Whilst the increase is welcome it does not alter the fact that if you die without a Will your family could be placed in unnecessarily difficult circumstances. This could include inheritance tax being payable on your estate.
Making a Will is the first step in sound financial planning for you and your family. If you have not made a Will yet please contact me or one of my colleagues in our Estate Planning Team to make an appointment.
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If you still haven’t finalised your last wishes or would like to write a new will, want to leave money in trust for a young relative, or are struggling with probate issues, call us on 03456 381381 or email us at estatemanagement@ibblaw.co.uk
