One Direction singer, Liam Payne, passed away in October last year, after falling from a third-floor hotel in Buenos Aires, Argentina. It has been reported that the singer has left behind a £24.3m fortune after dying without a Will. Payne never married but he and former Girls Aloud singer Cheryl Tweedy had a son, Bear, who is now aged eight.
What happens to Liam Payne’s estate?
If someone dies without making a Will, his estate is handled under UK intestacy rules. The rules say any children will normally inherit their estate if there is no living husband, wife or civil partner. It is likely that the fortune will be placed in trust for Liam’s son under the UK rules of intestacy.
This means any partners of Liam Payne, other family members, close friends and loved ones, would receive nothing. Only his 8-year-old son will inherit, but not until he turns 18.
In the meantime, Cheryl and music industry lawyer Richard Bray have been named administrators of his estate.
What happens if you die without a Will?
During his successful music career, Liam has co-owned and co-founded various ventures, including music publishing and real estate companies.
This raises important questions: How could someone with such a high-profile lifestyle and access to professional advice overlook something so critical? Who was managing his legal affairs? Was he ever encouraged to set his wishes in writing?
Without a Will, there is no way to know who Liam truly wanted to benefit from his estate. A Will would have provided structure, clarity, and some peace of mind.
The laws of intestacy provide for a person’s estate to be distributed in line with certain rules; however, these are very prescriptive and are not necessarily what a person would have wanted.
This case highlights the need for a valid Will, no matter how wealthy a person is.
Why you need a will?
As soon as a person has responsibilities for property, children or other dependents, making a Will and other areas of Estate Planning become vitally important.
In a Will, you can decide who will control your estate after you are gone, what happens to your money, property, possessions, and decide on the care for any children and dependants.
A Will allows you to:
- Appoint trusted individuals to manage your estate
- Set up trusts and specify ages at which beneficiaries inherit
- Leave personal or financial gifts to chosen individuals.
- Provide informal guidance through a Letter of Wishes
At TPD Wealth Management, we can help you write a legally binding Will, advise on the best way to protect your assets and possessions after you have gone, help you set up any trusts and lasting powers of attorney, and advise on inheritance tax.
We’ll ensure your wishes are respected and your loved ones are protected.
It’s never too early to make a Will, but it can be too late. Take the first step today to protect what matters most.
