Many newspapers reported last week that the singer Liam Payne, who died last year, had not made a Will and so his estate of £24 million will be held in trust for his son, Bear, until he is 18 years old. His ex partner Cheryl Tweedy (Bear’s mother) and a music lawyer are appointed as the administrators of his estate.
This, like many other intestacy cases, highlight that where someone dies without a Will there is no flexibility as to who inherits nor who acts as administrators of the estate. As the only beneficiary is under 18 then it is the child’s remaining parent that usually acts as an administrator, with another administrator being nominated to act with them.
Clients often want to include gifts to other family members or godchildren, and its worth remembering that a Will also allows you to nominate a guardian for your minor children as well. It also allows you to choose executors so you can ensure you nominate the right person for this complex task. All these points are overlooked when someone dies without a Will.
Whenever I meet with clients to take their Will instructions, one of the issues we discuss in detail is the age at which minor children will inherit. Can it be later than 18? Does that have tax consequences? Is there any access to the money before the age they choose? Can the trustees release money for school fees, trips?
Where someone, as here, has a new partner, the Will can also make provision for them, and can help to provide evidence of the deceased’s views on this, in case the new partner make a claim for reasonable financial provision from the estate.
The point that is often one of the trickiest when dealing with an Intestacy is that the administrators have no authority to act until they have been appointed in the Grant of Letters of Administration. All private client solicitors can recall Intestacy cases where this caused real issues in even getting information from an organisation so that the grant application can go ahead. Where someone dies with a Will, the executors’ authority to act comes from the Will. Whilst the Grant of Probate is still needed, it does at least provide a starting point to allow discussions and information sharing whilst the grant is awaited.
And finally, many clients have said to me, when leaving the office having signed their Will, that the process wasn’t as bad as they had thought, and that they were relieved to have something in place.
Do come and talk to any of the private client team about making a Will or reviewing an existing one – [email protected] or 01732 770660.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published. We do not accept responsibility or liability for any actions taken based on the information in this article.
