Losing a loved one is heartbreaking. Grief should never be underestimated; the last things on many people’s minds are paperwork and legalities. However, estate planning is important. Not only should every adult make a will you should also talk through your plans with your next of kin or intended executor and beneficiaries where possible.
Here we look at three famous deaths highlighting how important estate planning is.
Princess Diana
Princess Diana tragically passed away in August 1997. Although this is almost 26 years ago, questions about her estate still surface. Diana had a robust estate plan, will and letter of order, but Diana’s mother and sister (the executors of her will) still obtained a variation order. Although Diana’s initial will left money to her butler and trust for her sons, with her belongings going to her 17 godchildren, her letter of wishes stated that 75% of her belongings go to her sons and 25% to her godchildren. A letter of wish is not legally binding, and its aim is purely for guidance. This meant that Diana’s sons received their share at 30 years old, and her godchildren each received one of her belongings.
This proves the need to accurate will changes or codicils to ensure that even the smallest of amendments are followed.
Amy Winehouse
Amy’s tragic death in 2011 shocked the nation. While Amy made a will a few years before she passed away, it was not signed and witnessed correctly and therefore was invalid. This means that Amy’s death was a case of intestacy. Her father was named as the administrator of her estate. Amy’s estate was split equally between her parents, as she had no husband or dependents. Her estate was worth an estimated £3 million, but this does not consider music royalties.
Amy Winehouse’s situation shows how important it is to have a valid will that is up to date and signed correctly, no matter how far from death you think you may be.
Chadwick Boseman
Cadwick Boseman died in the summer of 2020 at just 43 years old. His estate was worth $2.3 million, and he was survived by his wife, parents and two brothers. No will was found, so there was no clear indication of how he would have wanted his estate distributed. Californian intestacy laws stated that the estate should be split 50/50 between his wife and parents. In the UK, it would have all gone to his wife. The fact they were only married for a few months could have caused issues, but in this case, it didn’t. This was lucky, as there could have been a drawn-out battle. This highlights the need to create a will, updating it as often as needed.
For professional will advice, contact Braintree Wills on 01376 349366.