As from the 1st February 2009, an increase in the statutory legacy for married couples and civil partners, whose spouse or civil partner dies without a Will came into force. The statutory legacy has increased from £125,000 to £250,000 where there is a surviving spouse or civil partner and child and from £200,000 to £450,000 where there is a surviving spouse or civil partner and parents or siblings but no children.
The intention behind the increase of the statutory legacy is to limit the problem of a surviving
spouse or civil partner being unable to purchase the deceased’s interest in the family home.
“But particularly in areas of relatively low property values, such as West Norfolk, the effect may not always correspond with people’s wishes,” comments Laura Peel of Hawkins Private Client Department.
“People who marry again later in later life may be financially independent, and have children from previous marriages who they wish to benefit on their death.
“Conversely, the change in the statutory legacy does not help the increasing number of couples who live together without being married.
“No-one wishes to bequeath their heirs a lawsuit, but that is a very real risk people are running all the time. Cohabiting couples should regulate the legal relationship between them by an appropriate Declaration of Trust or other provision for their joint home, and make appropriate Wills with the benefit of legal advice, ensuring their dependants are provided for in accordance with the law, and that thereafter their property passes in accordance with their wishes.”
If you would like to make a Will or you wish simply to speak with us about the preparation of Wills, please arrange an appointment either at our King’s Lynn or Dersingham Offices or speak to us and contact the Department on 01553 691661 or e-mail enquiries@hawkins-solicitors.com. |
