When One Direction singer Liam Payne tragically died last October, at just 31, he left behind a son, a partner and a £24 million legacy—but no will.
Given the size of his estate and the fact that he was never married, the issues arising from Liam Payne’s intestate estate are complex. However, this tragic case serves as a sobering reminder of the importance of planning your legacy as a parent, regardless of your age or financial status.
Without a will, Liam’s wishes, whether to support his family, friends or causes close to him, may never be realized. Yet, even a simple will would have provided structure, clarity and peace of mind.
The Myth of “Common Law” Succession
Despite the myth of “common law” partners having succession rights in the UK, this is sadly not the case.
A recent survey by charity Will Aid revealed that 68% of cohabiting couples are unaware of the rules of intestacy and what would happen to their assets if they died without a will. The same survey also found that 32% of cohabitees thought that their estate would pass to their partner if they died—this belief isn’t true and can have a damaging impact on someone’s legacy.
In reality, the UK’s inheritance laws leave unmarried partners and ex-partners with no automatic rights to inherit a penny, even if they have had children with the deceased, in the event that someone dies without a will.
Under UK law, Cheryl, the mother of his child, therefore has no claim to Liam’s £24 million legacy. His entire estate could pass to his 8-year-old son Bear when he turns 18.
However, this is far too young for most teenagers to handle any inheritance responsibly, let alone one as significant as this.
While inheriting a fortune might sound like a dream come true, children and young people can face significant challenges when an inheritance is suddenly passed to them at a young age, especially when it is substantial. Proper estate planning is therefore crucial for parents of young children, with alternative solutions like trusts, guardianship designations or staggered distributions being popular and effective means of managing large inheritances. Such measures can help to ease the burden of responsibility and create structure and solid wealth management strategies.
Of course, a will isn’t just a place to share money. It can be the place you share other wishes for your children, such as their living arrangements, schooling or arrangements for contact with their extended family, amongst many other vital issues that most parents want some say in.
Beyond the practical, a will is where you decide what you leave behind to make life easier for the people you love—whether that’s words of advice, letters, or your wishes for your funeral—all ways of staying connected to the people you love even after you’re gone.
Planning your legacy and writing your will are more than just managing your estate—they can help you convey your personal wishes once you die.
The Importance of Planning Your Legacy
When someone of Liam’s public profile and resources dies without the most basic level of estate planning and protection for their legacy, it is a reminder that, all too often, people simply do not have these plans in place.
Many believe that they are too young to need a will or that it just isn’t relevant to them. Yet, with only four in 10 UK adults having an up-to-date will, too many families like Liam’s are left facing uncertainty about their loved ones’ wishes after they die.
This uncertainty can also be compounded by bitter disputes stemming from intestate estates. The Inheritance (Provision for Family and Dependants) Act 1975 enables a spouse, former spouse, civil partner, child or dependent to challenge a will if they have not received a reasonable provision. Such financial provision claims can also be made when someone dies without a will. These legal battles can be costly and emotionally damaging for all involved. Proper estate planning can help families avoid stress or disputes, which often are exacerbated by uncertainty.
While many believe estate planning is only for the elderly or terminally ill, the story of Liam Payne’s estate illustrates how unexpected events can leave young families unprotected and in the dark, especially when large sums of money are involved.
Writing a will can be relatively cheap and may only take a few hours. However, it is a practical step that anyone, regardless of their age or financial status, can take to ensure that the people they love are protected when they die.
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