Lessons to be learnt: Effective estate planning
After a celebrity passes away, the world often learns more about how well or poorly they have planned for the distribution of their estate, leaving behind valuable lessons about estate planning that we can all learn from.
Amy Winehouse: Died leaving her estate to the rules of intestacy
British singer-songwriter, Amy Winehouse, passed away at the age of 27 in 2011 without a Will. In line with the UK’s intestacy rules, her parents inherited her entire estate. Although her estate did not result in a family dispute and was a straightforward intestacy, it does beg the question of whether Amy would have chosen for more of her loved ones to inherit her wealth. Leaving a valid Will is the only way to ensure your estate is distributed in line with your wishes.
Prince and Maradona: Disputes over inheritance
Football hero, Diego Maradona, passed away in November 2020, and the iconic musician, Prince, died in April 2016. Their deaths have one major thing in common - they have both resulted in severe disputes. Maradona’s estate is amid a dispute which involves his ex-wife, two former girlfriends and some of his children. As he was not married when he died, in theory, his children should each receive equal shares of his estate, however, Argentine law differs from the UK and the outcome is currently unclear. Following Prince’s death, more than 45 people filed claims against his estate and his siblings spent years battling for a share. More than a year after his death, his sister and five half-siblings were declared his legal heirs. Since then, the estate administration process has been complicated with arguments over legal fees and other challenges. These estates highlight the importance of leaving a Will, especially in today’s modern age where blended families and children born outside of marriage are more common.
Article by The Kings Court Trust
13 October 2021
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