Springfords LLP blog

Some news, views and comments about everything and anything, relevant and irreverent.

Inheritance Song and Dance

12 May 2016

There may be a hundred years worth of recordings in his vault, but when it came to writing a last will and testament, Prince never got closer than Money Don’t Matter 2 Night. 

In a story that’s more Financial Times than Sign o’ the Times, it was clear when the morning papers recently broke the news of the unexpectedly early end to the phenomenal pop life of unique performer Prince,  that he had left behind mountains of material still to be released, and a huge estate to break down and divide up.  His life may have been a rock and roll love affair, but without making any legal or even written provision, he’s left chaos and disorder for those family members plus the girls and boys who may consider themselves legitimate beneficiaries. Will they end up with a share of the gold, or just walk away with a raspberry beret?

While we may consider ourselves to be successful in business, nothing could compare to the insatiable intellectual output from the man who was essentially the New Power Generation.  His unreleased work is just a part of unravelling the estate and, given the possible interest of the tax authorities, the inheritance implications could be significant and complicated. 

Anyone who has dealt with an intestate situation already understands the significant workload and expense incurred.  Quite often, a substantial proportion of any potential inheritance is lost to fees and taxes, depriving those nearest to the departed of any benefit, while leaving them with the effort and possible rancour of winding up proceedings.

What if you were to meet with an untimely demise, leaving your family, business associates and friends effectively in a large room with no light, unable to see what your intentions may have been?  Equitable division of assets is not automatic.

Planning ahead for your own death may seem a bit morbid for the party animal within us all, but making your intentions known whilst still willing and able let’s you get on with the rest of your life, safe in the knowledge that everyone will miss you when you’re gone ( for the right reasons) and your affairs have been left in a tax efficient manner..

Without a will, whether it’s 1999 or 2099, chaos will ensue.  We may not have quite the creative talent of Prince, but we know that by making a will and following some valuable tax planning advice from us, inheritance matters will leave everyone singing your praises.

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springfords blog

Some news, views and comments about everything and anything, relevant and irreverent.

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