You no doubt heard the news that Liam Payne from One Direction died unexpectedly in October, when he fell from a hotel balcony in Argentina. What you might not know is that he left money, property and possessions worth £24 million, but he didn’t make a Will.

This article explores the issue and what it means to you…

Liam Payne was aged just 31 when he died. He never married, but had a son, Bear, with Cheryl from Girls Aloud. They were together from 2016-2018, and Bear is now eight years old.

Cheryl has been named administrator of Liam’s estate along with music industry lawyer Richard Bray. They’ve been given a limited grant of representation which means they will manage the money, but have limited authority and can’t distribute it until a general grant of probate is made.

Dying intestate

If someone dies without having made a Will, the laws of intestacy apply.

If the deceased was married or in a civil partnership and had no children, the entire estate (after paying any debts) passes to the surviving spouse/civil partner.

If the deceased had a spouse/civil partner and children, then the spouse receives the first £322,000 of the estate (this is called the ‘statutory legacy’), plus all personal chattels and half of the remaining estate. The children share the other half of the remaining estate equally.

If there are no children, there are complicated rules about which relatives get what. Finally, if there are no living relatives at all, the estate goes to the Crown.

“Nothing is certain except death and taxes”

This famous quote is by Benjamin Franklin in 1789, and is as true today as it was then.

None of us know when we’re going to die, but we do know it’s sure to happen one day. We also know that tax is due to be paid throughout life, and inheritance tax may be due after death.

Of course we hope all our readers have a long and happy existence, but it’s important to recognise that illness, injury or accident can happen anytime, and it’s wise to be prepared, just in case.

In the same way you might save into a pension, or put money by for a rainy day, we urge you to make a Will now, knowing you can update it whenever your circumstances change.

It forms a straightforward part of sensible financial planning, and means you can decide what you want to happen to your assets when you’re gone. You don’t want to leave your loved ones with a mess to sort out. And you don’t want to leave HMRC more than their fair share.

What to do

To understand the laws of intestacy, the Government website gives a walk-through of who can apply for probate and who will inherit when someone dies without a Will, here.

It helps to have a solicitor’s expertise to draw up a valid Will for yourself, and to deal with Probate if you’re the executor of someone else’s.

If you’re ready to write or review your Will, please contact Rhian, or visit our page on Wills, Trusts & Tax Planning. Don’t wait! Act now, before it’s too late.

P.S. While you’re thinking about it, you should also consider making a Lasting Power of Attorney – one covering your financial and property, and the other for health and welfare. LPAs show your wishes if you ever lose the mental capacity to make your own decisions, but don’t get activated unless the time comes. Without these in place, things might not play out as you would wish. We can help with that too.