Changes to the Intestacy Rules
The government has announced that the statutory legacy (also known as ‘the fixed sum’) will increase to £322,000 with effect from 26 July 2023.
What is the statutory legacy?
The statutory legacy is relevant when an individual dies intestate (in other words, without a valid Will in place) and leaves behind:
a surviving spouse or civil partner; and
In this scenario, the intestacy rules apply. These dictate that various personal possessions from the estate are passed to the surviving spouse or civil partner, together with a sum up to the value of £270,000. Where the net estate exceeds this amount, the excess is divided as to 50% for the surviving spouse or civil partner and as to the remaining 50% held on statutory trusts for issue (i.e. equally divided between children in most...
Lasting Power of Attorney
A Lasting Power of Attorney (LPA) is where you give a trusted person known as the “attorney” the authority to make decisions on your behalf. An attorney can be anyone who is over the age of 18 that understands the responsibility they have as an attorney. This could be a partner, child, friend or neighbour.
The LPA comes into effect if you decide not to make decisions for yourself, or if you lose the mental capacity to do so in the future. A Lasting Power of Attorney can either cover decisions about your health and welfare, or your finances and property.
At The Eric Whitehead Partnership, we provide friendly and transparent legal advice. If you would like further advice on Lasting Power of Attorney, please don’t hesitate to speak to us on 01538 755761 or simply email us at firstname.lastname@example.org