Do I need a Will?

It is a common thought that only old people die and need a Will, but that is not the truth. If you have any assets of value, living with a long-term partner, have children and/or stepchildren it is important to make plans should the unthinkable happen.

Most people will have heard about One Direction star Liam Payne dying suddenly without a will (intestate) at the age of 31. Without a valid will his £24 million estate will be distributed as the law dictates, not as he would have wished. None of his money will go to his close family, his current girlfriend, or his preferred charity, his next of kin, son Bear, will inherit it all at the age of 18.

This is not a unique story, Steig Larson author of the Dragon Tattoo trilogy died suddenly aged 50 without a will, his long-term partner of over 30 years received nothing and his whole estate including the rights to his novels and any future royalties passed to his estranged brother and father (next of kin). In Sweden, like in England being a ‘common-law partner’ has no legal standing. Only people who are married or in a civil partnership can inherit under intestacy laws. The outcome of Steig’s intestate death was years of legal battles to ensure his property was distributed in a fairer way to his partner rather than estranged family. A cost which could have been avoided by writing a simple inexpensive Will.

Heath Ledger’s death shows an alternative story. He wrote a will leaving his vast estate to his sisters and parents. However, he did not update his will on the birth of his daughter and therefore she inherited nothing. Although Heath’s parents passed on his fortune to daughter Matilda, his situation shows the importance of updating your will when your situation changes if your current will does not provide for it.

There are many lessons to learn from high profile deaths and will disputes. It is important to receive proper advice and estate planning in all situations. With changing and often complex family situations it becomes more important to plan for the future.

If you would like help or advice to ensure the most important people to you are provided for with a will our team at Druitts would be pleased to help.

Also, if you are in the situation of an intestate family member or friend, Druitts can help ensure it is dealt with quickly and efficiently. We can additionally help with a claim by/against you relating to distribution of assets should the need arise.