Unexpectedly high number of celebrity deaths in 2016 had the effect of us all questioning our own mortality, surprisingly some of them with multi-million fortunes had no Will, their affairs left behind in disarray.
Pop star George Michael made careful plans to leave most of his £105million fortune to his sister and nominated family and friends, while Carrie Fisher’s $25 million (£20.4million) estate will go to the star’s daughter through a trust.
But Prince made no plans for his $300 million fortune and much could be lost in tax.
HM Revenue & Customs took a record £4.7billion worth of IHT in the 2015/16 tax year, almost double its take just seven years ago.
Daniel Prince, Pearson Legal's Private Client Partner said "It does not take a lot of time to make a simple Will and if you affairs are more complicated we can advise accordingly, “Daniel Prince, Pearson Legal's Private Client Partner.
“It’s a stark reminder that death can happen to anyone at any time and heightens the need to consider what would happen to your affairs. No one likes to think of their own mortality but by planning ahead, making sure you have a Will in place and giving some thought to tax planning it’s not that difficult to get your affairs in order,” he added.
Legal Pages sponsored by