Liam Payne made headlines recently when it came to light that he had died without making a Will. His £24.3 million fortune was left to his young son, Bear, (when he reaches the age of 18) under the rules of intestacy.
The rules of intestacy are set out in the Administration of Estates Act 1925 and follow a strict order of priority.
- Spouse / civil partners.
- Children
- Parents
- Siblings
- Grandparents
- Aunts and uncles.
- The Crown (Bona Vacantia).
Under the rules, Liam Payne’s long-term girlfriend and wider family are set to inherit nothing from his sizeable estate. This case isn’t rare, and has made headlines due to his celebrity status. His situation highlights the importance of estate planning and making a Will and raises some uncomfortable truths:
- Unmarried partners are afforded no legal protection.
- Dying without a valid Will in place means your estate may not be distributed in a way you would have wanted.
- There is no control over when and how young heirs receive the inheritance.
We don’t like to discuss or even think about death particularly at such a young age. However, putting your wishes in writing ensures your wishes are carried out and protects your loved ones.
If you would like to discuss any queries in relation to making a Will, the team at Wrigley Claydon will be happy to help. Please call Rachel Damianou, Jyoti Patel, or Eleanor Heap on 0161 624 6811 (option 3) or RLD@wrigleyclaydon.com.
