The death of David Bowie last month caused a generation to mourn the loss of one of the world's most charismatic musical stars. The man associated with numerous wild and wacky on-stage personas was perhaps one of the last people you would associate with planning for his death and making sure that his financial situation was left in a highly organised manner.
However, news reports have shown that Bowie not only understood the importance of having a Will but had also given significant thought to how his estate should be distributed to his family and loved ones. He left the majority of his estimated $100m fortune to his wife, the model Iman, and his two children. However, he also wanted to leave a legacy to his long standing personal assistant, Corrine Schwab, as well as his long term friend and the nanny to his eldest child, Marion Skene.
Bowie also used his Will to stipulate his very specific wishes regarding how he wanted his funeral to take place. As per his wishes, he was cremated as part of a highly private ceremony attended only by his immediate family, before his ashes were scattered in Bali.
While Bowie's Will dealt with the multi-million pound estate of a global star, the same sensible approach to estate planning should be adopted by everyone. While the assets of Joe Public are unlikely to reach into the millions, rising property value and increased salaries mean that you may be worth considerably more than you might think. It is hugely important to think about how you want these assets to be disributed should the worse happen as it could be the difference between your estate being shared amongst your loved ones in line with your wishes, or a potentially divisive and ugly family argument.
Kings Court Trust can help answer any questions you may have about writing a Will or how to ensure that your estate is managed in a way that causes as little distress to your family as possible. Contact our client services team on 0300 303 9000 for an informal discussion to find out more.