Following the tragic death of Liam Payne last October, it’s been revealed that he died with no will in place, leaving his ex-girlfriend and mother of his child, Cheryl Tweedy and music industry lawyer, Richard Bray to handle his estate as administrators.
Craig Ridge, contentious probate lawyer, at Higgs LLP explains the current arrangements and why this might raise issues:
What is happening to Liam Payne’s estate?
“Liam Payne’s fortune left behind is reportedly worth £24.3 million. Alongside his successful music career, he has co-owned and co-founded various ventures, including music publishing and real estate companies. It has been reported that more than half of his fortune is set to go to his son, Bear, though details about the remaining portion of the estate have not been confirmed.”
How will Liam’s wealth be managed prior to Bear’s adulthood?
“In the UK, the minimum age to legally inherit directly is 18. Assets for a minor beneficiary are held on trust until they reach that age.
However, if there is a will, then depending upon how that will is drafted, the testator can seek to create a situation whereby a beneficiary or beneficiaries must reach a certain age beyond 18 to potentially access their inheritance. ..
Are there any potential challenges to Liam Payne’s fortune?
“As Liam has not left a will, with UK intestacy rules, his son Bear will most likely claim the entire estate as there is no spouse or siblings. However, this can be contested on certain grounds, which can often be the case in substantial estates, as seen with high-profile figures like Michael Jackson’s will, Nelson Mandela’s, J. Howard Marshall II and Jimi Hendrix. Disputes often arise when individuals feel they have been unfairly excluded or believe they received less than they need.
“Under UK law, individuals who were financially dependent on the deceased may have grounds to claim reasonable financial provision, even if they are not married. This means that his girlfriend, Kate Cassidy, could potentially be considering a claim. Such claims are complex and subject to many legal conditions and evidential requirements. The challenge would need to be initiated within six months of the Grant of Letters of Administration, so time is a critical factor here.
“Given the size of Liam’s estate and high-profile nature of his career and death, there is always potential for disputes, particularly where there is no will to express Liam’s wishes.”
This information is for guidance purposes only and does not constitute legal advice. We recommend you seek legal advice before acting on any information given.
