The death of Robin Williams on 11 August 2014 at age 63 was sudden and unexpected. The death of a celebrity often sparks debate and comment on how ñ or how not ñ to provide for your family.

Here are 3 lessons we can take from celebrity legacies.

1. Consider getting married. The Grammy award winning actor Philip Seymour Hoffman died aged 46 on 2 February 2014 of a drugs overdose. In his Will, he left his entire $35 million estate to his partner Marianne OíDonnell. An eye watering $15 million is expected to go to the US taxman – the Inland Revenue Service – as OíDonnell was not Hoffmanís spouse. Hoffman did not believe in marriage. Key Lesson: Quite simply, marriage saves on taxes. You can leave an unlimited amount to your spouse or civil partner tax free. This can make for significant savings on inheritance tax. Consider marriage if you donít want the taxman to take a bite out of your estate.
2. Keep your Will up to date. The Australian actor and director Heath Ledger died aged 28 on 22 January 2008 after accidentally taking a lethal mixture of prescription drugs. In his Will, Ledger left his $20 million estate to his parents and 3 sisters. The Will was five years old and had been made prior to Ledgerís relationship with his partner, actress Michelle Williams, and the birth of their 2 year old daughter Matilda Rose. Ledgerís Will was never updated to include Williams or Matilda Rose. Ledgerís family decided to leave everything to Matilda Rose. Key Lesson: If youíve been responsible enough to make a Will, donít nullify your good work by failing to keep your Will up to date as material changes occur as this can have disastrous consequences.
3. Take advice on foreign property. The actor James Gandolfini died aged 51 on 19 June 2013 of a heart attack. He left an estimated $70 million estate which included an Italian property. In his Will, Gandolfini left the Italian property equally to his 2 children (from 2 marriages). However, Italian inheritance laws dictate how property is left to heirs. In this instance, his children are automatically given half and his wife a quarter. So Gandolfini only had the right to give away the last quarter. Key Lesson: if youíre fortunate enough to own property overseas take advice from legal advisors in that country about their inheritance laws. Donít assume the wishes in your Will regarding your foreign property can be honoured as you are likely to be wrong.

Contact us now for more information about arranging your Will or to make an appointment by calling 020 8537 3448 or send an email to wills@ashtongrace.co.uk

Ashton Grace ñ specialists in Wills & Estate Planning.