The Payne of not having a Will

The tragic and untimely death of former One Direction popstar Liam Payne caused an outpouring of grief and shock across the world, especially among his close family and his partner of two years, Kate Cassidy. Seven months after his passing, it has been revealed that he died without a Will in place, leaving a fortune of £24 million after debts and expenses were deducted. So, what does this mean for those closest to him?

The first complication is that the probate court will step in to appoint administrators to manage the estate. Generally, these laws prioritise close family members, such as spouses, children, and other relatives. In this instance, the court has appointed the mother of his child, Cheryl Tweedy, and lawyer Richard Bray with a limited grant of representation, described as being “to allow the administrator power to preserve the deceased’s estate until a general grant is made.”

While they currently have limited powers in what they can do, it will never be known if Payne would have wanted either involved. If he had a Will in place, he could have decided on the executors and the powers they have, potentially speeding up the process and reducing the burden at an extremely stressful time.

The next key variation of not having a Will is that the estate will fall under the UK rules of intestacy, which state that a person’s spouse, and then any children they have, are first in line to claim the estate. As Payne had no spouse, the entire estate is inherited by his 8-year-old son.

Once again, it will never be truly known if that would have been his wish, as he had a partner of two years and was believed to be close with his family. It is expected that the estate will be placed into trust for his son, and once the general grant is made, the appointed administrator will manage and distribute the estate.

The estate reportedly includes four London-registered companies in Payne’s name, plus a jointly owned real estate company. Additionally, he holds joint stakes with other members of One Direction in two Ireland-registered companies. The administrators will also be legally responsible for his money, property, and possessions.

It is hoped that the administrator will know which of his assets are more sentimental than others and how they should potentially be retained or liquidated. They will also be in charge of appointing suitable professionals to take charge of the various assets of the estate. This will undoubtedly bring a variety of voices, opinions, and decisions into how Payne’s estate should be managed, which sadly will never be truly known whether these were what he would have wished for.

When real-life, high-profile cases like this arise, it is difficult to understand why he did not have a Will in place. You might expect that he would have been surrounded by professionals advising him of the benefits. However, as we unfortunately see all too often, Wills and powers of attorney are perceived as something for the elderly and only become a priority when, in many cases, it is too late to achieve the desired impact.

At Equilibrium, we strongly advise that each individual should have suitable Wills and powers of attorney in place, and they should be reviewed regularly to ensure they are suitable. We are happy to work alongside not only individuals but families to ensure that in what will be an extremely traumatic time, we can help to bring financial comfort in life and death. We work closely with many local solicitors and would be glad to make a recommendation for the one we feel would best suit your circumstances.