One should never underestimate the importance of making a will.

What do Rik Mayall and Amy Winehouse have in common?  You are probably thinking, not much, other than the fact they were both famous.  However, they do, in fact have one big thing in common.  They both died without having made a Will.  Surprising as that might sound, even the rich and famous can fail to plan ahead when it comes to their estate, which can cause a lot of upset, cost and conflict for those left behind. 

Comedian, Rik Mayall died suddenly in 2014.  At his death, his estate was valued at £1.2million, he was survived by his wife of 29 years and three adult children.  However, as Rik Mayall died without having made a Will his estate would be distributed under our strict Intestacy Rules.

Sally Johnson, solicitor in the Wills, Trusts and Probate department comments:

When a person dies without a Will they are deemed to have died ‘Intestate’. In such instances, the surviving spouse does not always inherit the whole of the estate. 

In the case of Rik Mayall, under the Intestacy Rules his wife would only have been entitled to the first £250,000 of his estate, and the income from half of the remainder of his estate.  The other half of his estate will have passed to his three children equally, on which inheritance tax would also have been payable.

Sally continues:

The Intestacy Rules have changed since Rik Mayall’s death.  In such cases, a surviving spouse would now inherit the first £250,000 and half of the remainder of the estate outright, instead of just the income on half of the remainder.  The remaining half would however, still pass to the children’.

Even taking into account the changes in the Intestacy Rules, had Rik Mayall made a Will leaving his estate to his wife, not only would he have ensured she was adequately provided for, no inheritable tax would have been payable on his death. 

In the case of Amy Winehouse who also died suddenly 2011, it was initially reported that not only had she made a Will, she had the foresight to update her Will following her divorce from Blake Fielder-Civil.  However, it later transpired that these earlier reports were incorrect and Amy actually died intestate.

At her death her gross estate was valued at approximately £4.2million.  After the payment of taxes and debts it was reduced to approximately £2.9million. 

The issues which arose following Amy Winehouse’s death were: Would she have left a gift to her ex-husband had she made a Will? (It was speculated that she was still in love with him.)  Also would she have wanted her brother Alex to receive some of her estate? Additionally, could she have taken steps to reduce her inheritance tax liability?  As it stood, there was no reduction in the inheritance tax payable on her estate and neither Blake nor her brother Alex received anything as her estate passed to her parents.

The above two cases illustrate the importance of not only making a Will, but also of making sure it is kept up to date as failure to do so can result in your estate not passing to your intended beneficiaries, and in certain cases, inheritance tax becoming payable which otherwise could have been avoided.

Here at Jackson Lees we have a specialist team who can make the process of making a will as stress-free as possible. If you would like to speak to one of our expert advisers please message us your enquiry or request a callback at your convenience.