STEP-up-legacy

Geoffrey Shindler, The president of The Society of Trust and Estate Practitioners (STEP), has called for the statutory legacy granted to the spouse of an intestate to be increased.

In England and Wales, the amount the husband, wife or civil partner is granted currently stands at £125,000 plus the interest on half the remainder. The Mr Shindler is calling on the Law Commission to increase this to £300,000 and to index link this amount with the retail price index.

The current allocation has not changed since 1993 and has often been criticised for being too small.  It means that some people are forced to sell the family home in order to meet the inheritance tax bill.

With reference to a case Mr Shindler said: “The widow is actually suing her own children – it’s a disaster – it’s finding the remedy that is the problem.”

The Society of Trust and Estate Practitioners (STEP) is a professional body providing members with a local, national and international learning and business network.

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