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This Order amends the provisions regulating the distribution of the estate of a person dying intestate.
The estate is charged with a fixed sum (the statutory legacy) in favour of the surviving spouse. Article 2 of the Order increases the rate of interest payable on the statutory legacy until it is paid or appropriated from the present rate of 4% (or, in the case of persons dying before the coming into operation of the Intestates' Estates Act 1952, 5%) to 7%.
Article 3 provides new rules for calculating the capital value of a life interest in the residuary estate. The capital value is to be calculated by reference to the Tables in the Schedule to the Order. There are separate Tables for surviving husbands and wives (owing to the different expectations of life of the two sexes); and within each Table the multiplier varies according to the age of the surviving spouse and the prevailing rate of interest on medium-term Government Stocks.
Article 3(2) refers to an index compiled by the Financial Times, The Institute of Actuaries and the Faculty of Actuaries. This index is normally published in the Financial Times, but the necessary information can be obtained from either The Institute of Actuaries or the Faculty of Actuaries.
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