Not making a will can have disastrous consequences on where the family wealth should go. It can cause irreparable family rifts, and cause those who should have been beneficiaries to miss out.
There are some very famous cases of people who have not made wills, and died intestate.
Pablo Picasso – as he left a fortune in artwork, homes, gold, cash and bonds but no will. The battle to settle his estate took six years, and cost thirty million dollars.
Another famous person where there was a fight over the estate concerning Jimmy Hendrix, and this continued for more than thirty years after his death, as the royalties that kept pouring in caused further complications.
Whilst not in the UK perhaps the most treacherous of cases that of ‘Stieg Larsson’ the author of ‘The Girl with the Dragon Tattoo’, he had lived with his partner for thirty-two years. Having failed to make arrangements to provide for her during her lifetime, the Swedish law dictated that his estate should be divided between his estranged father and brother.
Similar rules apply in the UK, where unmarried couples have no rights to inherit if their partner dies intestate.
A will alone may not be enough to protect assets for future generations, and where the estate is of value, detail succession planning may also be essential. This may include planning how you want your estate and assets to be used, determining who you want to benefit from them, and putting in place structure to protect your wealth, and ensure these goals can be achieved.
Often the estate planning is carried out by wealth management professionals, but the first step is the will.
If you have any concerns or questions about preparing the will, please do not hesitate to contact us.
Tel: 01684 291469
threeclegal@outlook.com
