It is never too early to make a Will

Former One Direction star Liam Payne's untimely death highlights the importance of estate planning. Probate documents show that with a £24 million fortune and no Will, Liam's estate will be handled according to the intestacy rules. This means his son will inherit everything, and his ex-partner Cheryl Tweedy will manage the estate alongside another individual. However, this might not reflect Liam's wishes, particularly regarding his partner, Kate Cassidy, and other family members.

In England and Wales, those not included in a Will can claim reasonable financial provision from the estate. Kate Cassidy has stated she will not make a claim, avoiding potential costly disputes. If she had contested the estate, the court would have considered her financial needs, relationship with Liam and any contributions to the estate.

Liam’s 9-year-old son is due to inherit Liam's multi-million-pound fortune when he turns 18. The inheritance could be worth over £40 million by the time he turns 18 in 2035, according to financial predictions.

It is likely that many parents with minor children would want to consider safeguarding when and how their child(ren) would inherit large sums of money. It is possible Liam would have preferred his son to inherit later in life, rather than at such a young age, had he planned what he would like to happen to his estate and make provisions for his child’s financial future. This highlights another important aspect of estate planning - setting up trusts or other mechanisms to manage inheritances for children and young adults until they reach a certain age or milestone.

This situation emphasises the need for a Will, regardless of estate size. It is not enough to leave it to chance especially when considering large estate or complex family dynamics. A well-planned estate ensures assets go where intended, minimising disputes, and reducing inheritance tax liabilities. With a will, potential legal complications and financial burdens on loved ones can be avoided. 

It is never too early to consider estate planning. At Sills & Betteridge we have a dedicated team of experienced Wills, Trusts & Probate lawyers able to give bespoke advice whatever your family or financial circumtances.

Please speak to a member of your local Wills, Trusts & Probate Team to find out more.