Writing a Will is extremely important. It gives certainty to your loved ones after you have passed away. It can also help reduce inheritance tax and protect your assets. Without a valid Will, it could be up to the courts to decide who gets your assets when you have gone.
Below are examples of some famous musicians and how not having valid Wills led to disputes and difficult decisions:
- When singer Ike Turner passed away in 2007, the legal validity of handwritten Wills that were produced was questioned. As a result, his ex-wives and children disputed who had a claim on his estate. The courts however, ruled in favour of Ike Turner’s children.
- Jimi Hendrix passed away in 1970 at just 27 years old. He had not created a Will and so was deemed to have passed away intestate. His attorney managed his estate for around 20 years until Jimi Hendrix’s father sued for the right to manage his music. Jimi Hendrix’s father passed away in 2002 resulting in Hendrix’s fortune of around £57 million being left to his father’s adopted daughter. Jimi Hendrix’s brother went to court claiming a right to the inheritance however he lost the dispute.
- After the singer Prince died intestate in 2016, it was left to the courts to decide who should inherit his estimated £143 million estate. Whilst over 45 people are reported to have come forward claiming to be relatives, children and wives of the late singer, the courts decided that Prince’s six siblings should inherit his fortune. However, the distribution of the Will may need to be reassessed if the links to the people coming forward can be proven.
- Bob Marley’s eight month battle with cancer ended in his death at the age of 36 in 1981. After his state funeral, attended by 30,000 people, the squabbles began over his estate as Marley did not make a will. He left an estimated $30 million and there were dozens of claimants to his estate including three children by his wife, Rita and six children by different ‘baby mothers’. Like Jimi Hendrix, Bob Marley’s Estate continues to generate significant revenue despite the fact that Marley died many years ago.
By creating a valid Will, you can ensure peace of mind for yourself and your loved ones whilst helping to avoid family disputes.
If you would like to meet with one of our Consultants to discuss creating, or amending, a Will please telephone 01732 868190 or click here.