The statutory legacy is the sum to which a surviving spouse/civil partner is entitled from the estate when the deceased died intestate (without having made a valid will) with children. Schedule 1 to the Act mandates a period under which a new fixed net sum for statutory legacy should be set. The last statutory legacy rate was set on 11 October 2014 at £250,000.
The sum takes effect from 6 February 2020.
The Inheritance and Trustees’ Powers Act 2014 (The Act) implemented most of the reforms recommended in a Law Commission Report ‘Intestacy and family provision claims on death’ published in 2011. The Act sought to modernise and simplify the law to create a fairer and more comprehensible set of rules governing the distribution of estates of deceased persons and to amend the law relating to the powers of trustees.