Posted: Tuesday, 7 April 2020 @ 16:36
If an individual dies in England and Wales without a Will or their Will only disposes of part of their assets then their residuary estate (or the undisposed part of) will fall under the Rules of Intestacy.
The current Rules of Intestacy came into force on 1st October 2014 and under these Rules, where a deceased dies leaving a spouse but no surviving children then the residuary estate is paid to their spouse absolutely.
If however, the deceased dies leaving a spouse and surviving children then their residuary estate is divided as follows: The surviving spouse will keep all the assets (including property), up to £250,000.(known as a Statutory Legacy) and all the personal possessions.
The surviving spouse will also receive an absolute interest in half of the remainder of the residuary estate and the other half is then divided equally between the surviving children.
Changes to Intestacy Rules in 2020 - Since 6th February this year, the Statutory Legacy will increase from £250,000 to £270,000.