Intestacy – ‘When I’m wiser and I’m older…’
15th September 2020 | Alisha Francis
It is a common misconception in the UK that Wills are not needed as ‘everything will pass to my spouse anyway’. Many reports show that as a nation we have an aversion to seeking advice in order to write an up to date Will and would rather avoid the thought and seeing a Solicitor.
An example of this scenario is what happened to the well-known Musician, DJ and Record Producer: Avicii , who sadly died on 20 April 2018. The Swedish musician, whose real name was Tim Bergling was born in 1989, making him only 28 years of age at the time of his death.
Despite his young age, Avicii topped the charts in 22 countries worldwide. Avicii was not only known for his music, Avicii was also publicly known for his charitable nature. He publicly donated all of the proceeds from his 2012 tour to “Feeding America” and then year later donated 1€ million to a Swedish Hunger Aid charity. Reportedly he left behind an estate worth £20 million.
However, Avicii passed away without leaving a Will.
Avicii’s circumstances highlight an important lesson in regard to estate planning. His entire estate will pass under the Swedish Intestacy Laws (similar to those in the UK), regardless of his personal wishes. The only good news for Avicii’s Estate was that there is currently no inheritance tax payable in Sweden! (…unlike the UK)
Regardless of age or wealth, please ensure that your assets are protected. Jessie and Aneesah here at Landons will assist you every step of the way to retain control over your own legacy rather than having one determined by the law.