When you pass away without leaving a valid Will, the Laws of Intestacy step in to determine who should inherit your estate and in what shares. The Laws of Intestacy attempt to deal with this in the fairest manner possible. However, they often fail to account for modern family structures or personal wishes of the deceased. While celebrities often have professional advisors, who look after their business affairs, like many ordinary people, they often do not get around to making a Will. This article will discuss various case studies which highlight the valuable lessons we can learn from celebrities who have passed away without a valid Will.
Stieg Larsson's Lesson For Unmarried Couples
Stieg was the author of the famous The Girl with the Dragon Tattoo Trilogy and died intestate (without a valid Will) at the age of 50. His partner of 32 years was left with nothing following his death, as the intestacy rules stipulated that his entire estate, worth $40 million, was to go to his father. The lesson: the intestacy rules may not provide for those that you are closest to. Unmarried couples are not entitled to each other’s assets regardless of the length or seriousness of the relationship. The only way to protect them is by making a valid Will.
Prince's Lesson For Philanthropists
Where there are disagreements over who should inherit, these can often be harder to solve where there is no Will. This is because the deceased’s wishes remain unknown. When Prince passed away without leaving a valid Will, his estate passed to his siblings of full blood, leaving his five half siblings without a share of his estate. If he had made a Will, he would have been able to provide for them if he wanted, as well as the various charities he gave generously to throughout his lifetime. Appropriate legal advice can help guide you to ensure that all your favourite charities are provided for, without disadvantaging your loved ones.
Pablo Picasso’s Lesson To Save Delay And Costs
When you pass away without leaving a Will, your estate and assets can be far more difficult to deal with. This often results in unnecessary and avoidable delays as well as high costs to instruct a professional. Whilst the average estate can take up to a year to administer, Picasso’s reportedly took six years to settle and cost approximately $30 million in fees. Setting out everything beforehand in a Will means that your loved ones can receive their money more quickly and at a lower cost to the estate in legal fees.
Amy Winehouse’s Lesson For Entrepreneurs
Amy Winehouse’s intestacy resulted in her £4 million estate being almost entirely depleted within two years of her death after her companies passed into the control of her parents under the intestacy rules. If she had made a Will, she could have appointed appropriate people to manage the companies on behalf of her beneficiaries. This would have ensured that they remained valuable assets. Particularly if you are a business owner, it is important to understand how that business will be dealt with on your death. You should seek professional advice when considering the continuing needs of your beneficiaries.
How Can Timms Help?
From the examples above, it is clear that you should not delay in making a Will. Your Will can be drafted in a way that ensures your choices are clear and legally binding. We can also advise on how your estate might be affected by various taxes.
If you would like further information, please don't hesitate to contact me at m.evans@timms-law.com or on 01332 364436. Alternatively, you can visit the Wills and Probate page of our website here.
