Under UK law, intestacy rules dictate that Payne’s estate passes to his minor child, Bear, and Cheryl Tweedy and the lawyer have been appointed as the administrators of the estate. This arrangement, while legally sound, highlights several reasons why writing a will is essential:
Control Over Asset Distribution
A will allows you to specify exactly how your assets should be distributed, ensuring that your wishes are honoured and reducing the potential for disputes among family members. In Payne’s case, for example, he could have appointed executors specifically to deal with his intellectual property assets as well as persons to act in relation to the rest of his estate. He could also have had a will that included more sophisticated trust provisions to reflect the high value of his assets and to ensure his young son was fully protected in the future. As it is, Bear is set to inherit outright at age 18.
Appointment of Guardians for Minor Children
For parents, a will also enables you to designate a guardian or guardians for your children, to act alongside the other person with parental responsibility, ensuring they are cared for by individuals you trust in the event of your death when they are still under 18.
Minimisation of Family Disputes
Clearly outlining your intentions in a will can help prevent disagreements and legal battles among family members, providing clarity during an emotionally challenging time.
Tax Planning
A well-structured will can assist in planning for inheritance tax, potentially reducing the tax burden on your estate and making sure that more of your wealth is passed on to your beneficiaries, whether to individuals – family and / or friends – or to charity, or a combination. If your estate is particularly complicated or if beneficiaries are minors or in troubling situations, it may also be sensible to include trusts in your will so that your executors and trustees have full flexibility to deal with your estate according to the circumstances in the place at the time of your death.
Efficient Estate Administration
Having a will in place can streamline the probate process, reducing delays and administrative costs associated with distributing your estate.
Liam Payne’s untimely death serves as a poignant reminder of the importance of having a will. By taking the time to get proper, tailored advice, you can ensure your assets are distributed according to your own wishes and thus provide peace of mind both for yourself and for your loved ones. This is just as important for those of us with simple lives, but even more so for people with complicated ones. It is very surprising that Payne was not so advised.
