The details of the will of music legend David Bowie have been revealed following his sudden death in January 2016.
Bowie, who was thought to be worth around $230 million, left his estate of around $100 million to his wife and two children, with his will also stating where his ashes were to be scattered.
As part of the document, Bowie left some gifts to close friends with $2m being bequeathed to his long-standing assistant Corinne Schwab and $1m to Marion Skene, the nanny to his eldest child.
The singer also left some properties to his wife such as their property in New York. However, he also established a trust for Iman’s 15-year-old daughter Alexandria leaving her one property. His son Duncan Jones, from his previous marriage also received 25% of his estate.
Bowie’s will was originally filed in 2004, but it is believed that the document had been reviewed before his death.
Making a Will: Tips When Drafting an Inheritance
The will of David Bowie highlights the importance of creating a will and managing your estate prior to your death. According to a number of experts, Bowie’s will was well managed and as a result his family will be subjected to a limited amount of inheritance tax. However, due to the complex nature of the will, with children from different marriages, by consulting legal experts, the star ensured that his assets were protected and passed onto the relevant family members.
It is important not to assume when making a will that your assets will be passed automatically onto a loved one or spouse. If someone dies without a valid will they are said to die “intestate.” In such cases, the government rules what will happen to your estate. It is vital that both parties in a marriage/civil partnership draft a will to ensure that assets are passed on.
While making an initial document is important, it is equally as important to keep your will up to date. A 20-year-old may have significantly different priorities to someone in their forties, thus, it is imperative that you keep your will up to date to match your circumstances and your status. If you have been divorced or have had children since your will was made, it is always a safe policy to review the document.
At Anderson Bain, we understand that making a will probably won’t be the highlight of your year. However, it is something of vital importance. Sadly, many people try and save a small amount of cash by opting to create a DIY will or purchase a will making kit on the High Street. Typically, creating a will through a solicitor will cost a few hundred pounds, but a DIY will kit is significantly cheaper. Even though this seems to be appealing, such a document can prove much more costly in the long term. A DIY will can fail to provide proper legal protection, especially if you have a complex family arrangement. A self-made document can result in your family having to take legal action to secure their inheritance. An inheritance that would have been theirs had a solicitor's been used initially.
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For legal advice and guidance on drafting a will, or if you wish to have your document reviewed, contact our team of legal experts using our online contact form.