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25/01/2007
Protection established for surviving spouses and civil partners
The government has today published a Consultation Paper recommending increases to money received by surviving spouses or civil partners where there is no will.
This specific sum is known as the statutory legacy. A deceased person’s estate may comprise of property, money in a bank account, stocks and shares and other items such as jewellery or household goods.
Under the current law the surviving spouse or civil partner will automatically receive the first £200,000 from the deceased’s estate, if there are no surviving children. If there are children, the surviving spouse or civil partner will receive £125,000 from the estate.
The Office of Law Reform, an agency of the Department of Finance & Personnel, is recommending that these figures are increased to £300,000 and £200,000 respectively.
Announcing the publication of the Consultation Paper today Finance Minister, David Hanson, said: “It is now some 13 years since the amount of money which a surviving spouse or civil partner of a person who has died without making a will has been reviewed.
“Given social and economic changes in the past decade, as well as the rise in house prices, it is important to increase these figures to ensure that the intestacy rules make adequate provision for surviving spouses or civil partners. I believe that the figures we are recommending will ensure this protection.”
(EF/SP)
This specific sum is known as the statutory legacy. A deceased person’s estate may comprise of property, money in a bank account, stocks and shares and other items such as jewellery or household goods.
Under the current law the surviving spouse or civil partner will automatically receive the first £200,000 from the deceased’s estate, if there are no surviving children. If there are children, the surviving spouse or civil partner will receive £125,000 from the estate.
The Office of Law Reform, an agency of the Department of Finance & Personnel, is recommending that these figures are increased to £300,000 and £200,000 respectively.
Announcing the publication of the Consultation Paper today Finance Minister, David Hanson, said: “It is now some 13 years since the amount of money which a surviving spouse or civil partner of a person who has died without making a will has been reviewed.
“Given social and economic changes in the past decade, as well as the rise in house prices, it is important to increase these figures to ensure that the intestacy rules make adequate provision for surviving spouses or civil partners. I believe that the figures we are recommending will ensure this protection.”
(EF/SP)
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