Liam Payne left staggering fortune after dying without a Will
Liam Payne died without a Will as it is now revealed who will be responsible for his multi-million pound fortune.
The singer aged just 31 died in October last year after falling from a hotel balcony in Argentina.
Documents now show that Cheryl his former partner and mother of their son Bear will be one of the administrators of his estate. This means that she will legally be responsible for managing Liam’s money, any properties and personal possessions albeit currently have limited authority to distribute the same.
If someone dies without making a Will, the rules of intestacy say any children will normally inherit their estate if there is no living husband, wife or civil partner. Liam never married but he and former partner Cheryl had a son, Bear who is now aged eight. It is likely that the fortune will be placed in trust for Liam’s son under the UK rules of intestacy. This means that Liam’s girlfriend Kate Cassidy could receive nothing despite her revealing their plans to marry shortly after his death.
According to the Letters of Administration the gross value of Liam’s estate amounts to £28,594,888 and the net value after debts and expenses are paid amounts to £24,279.728.
Liam could have taken Legal advice in order to mitigate his potential Inheritance Tax bill to structure his estate in a way to make use of trusts in order to drip feed payments to his son to preserve his hard earned wealth for future generations and to benefit other family members and also friends.
This tragic event serves as a painful reminder that no one is immune to the unexpected. Liam’s passing at such a young age brings into focus the fragile nature of life, even for those who appear to have everything.
While it’s difficult to think about preparing for such events, it is essential to consider the impact that an untimely death can have on loved ones, especially when children are involved. Making plans for the future, such as writing a Will and setting up trusts, can provide security and peace of mind for family members left behind.
Contact our Private Client team to obtain advice in relation to making a Will and ensuring that your Estate is managed and distributed in accordance with your wishes.
