Why One Direction star shows the need to make a will

We always hear about the importance of making a will and I suspect many of us think we don’t really need one or are too young.  This couldn’t be further from the truth, even if you have a small estate beneath the IHT thresholds.

The One Direction star, Liam Payne died sadly last year aged only 31.  He left a sizeable estate worth in the region of £24 million and at the date of his death Liam was not married, but he did have a son, Bear, who was just 8 years old.  

Amazingly Liam died without a valid will.

Now you might think why does this matter? But this case highlights some of the real life issues of not having a proper will.

• No executors – Liam’s ex wife, Cheryl Payne, and music industry lawyer, Richard Bray, had to be appointed as executors through the courts
• As next of kin, Bear receives the entire £24 million estate
• Liam’s girlfriend at the time receives nothing, and neither will any of his family

Practicalities

Whilst you may be thinking this isn’t the end of the world, the practicalities of this are as follows:

Under the intestacy laws it is likely Bear’s fortune will be held in a Bereaved Minors Trust.  

Under this arrangement, the funds will be used for Bear’s benefit until he turns 18 when he will automatically receive the funds outright.  I think it’s fair to say that 18 is a very young age to inherit such a vast amount of wealth.  

In 10 years time the fund could be significantly larger and there is no long-term protection for Bear.  

If Liam had had a will this could have included safeguards to protect the wealth until Bear was financially mature to manage the funds personally or even appoint a financial guardian.

Liam would have been surrounded by a professional support network, including a management team, accountants and lawyers, and yet he still did not have a valid will. Meaning that his personal wishes, whether he wanted to benefit friends, family or charities, may never be carried out. 

He’s not alone, as other celebrities have also died intestate including:

• Prince
• Jimi Hendrix
• Bob Marley
• Amy Winehouse
• Chadwick Boseman

One in four people reportedly don’t have a valid will, and this proves that despite these individuals being wealthy it’s not uncommon for wills to be pushed to the bottom of the to-do pile and not get the priority they should.

Contact us

If you would like to discuss how taxation of the family can impact your decisions, please contact a member of our Trusts and Probate team who will be pleased to talk to you.