Friday
Feb202009
Intestate estates
20 February 2009 in Individual, Wills An individual dies intestate if they die without a vaild will. Regular surveys show that this covers about two thirds of the population.
Contrary to pub wisdom that "everything goes to the wife", various laws stipulate who gets what in the event of an intestacy.
Since 1993, a surviving spouse has stood to receive, inter alia, a legacy of up to £125,000 (where there are children) and £200,000 (where there are no children). From 1 February 2009, the limits for these statutory legacies are increased to £250,000 and £450,000 respectively.
An updated guide showing the various permutations for the distribution of an intestate estate is here.
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