Liam Payne #6

[Libertine1975]

If you don't have a Will as in this case the estate passes under the intestate rules to his son Bear.

As Bear is not 18 he cannot apply for Letters of Administrstion. Cheryl is allowed as Bears legal guardian/person with parental responsibility to obtain the Letters of Administration to Liam's estate. The funds will be held on trust for Bear and he will inheritance absolutely on his 18th Birthday.

Liam appointed no-one to administer his estate, Cheryl had the legal right to apply.

 

[MammaTubbs]

£24m is what's left after taxes and debts, according to articles it was originally £28.5m.

Can Cheryl not touch it at all? For housing, schooling etc as Liam awas the one listed on the mortgage for her house, so therefore Bears home too.

Considering he spoke of setting up businesses and so forth for Bear, I'm surprised he passed away intestate, and he'd obviously be aware of his own overdoses, so in his last few years the risk was sadly there.

 

[Libertine1975]

£24m is what's left after taxes and debts, according to articles it was originally £28.5m.

Can Cheryl not touch it at all? For housing, schooling etc as Liam awas the one listed on the mortgage for her house, so therefore Bears home too.

Considering he spoke of setting up businesses and so forth for Bear, I'm surprised he passed away intestate, and he'd obviously be aware of his own overdoses, so in his last few years the risk was sadly there.

That doesn't take into account inheritance tax of around £9-£10million...

Money from the trust can be used for the maintenance and education of Bear. The trust could buy a house for Bear and Cheryl to live in but it becomes Bear's at the age of 18.

 

[MammaTubbs]

That doesn't take into account inheritance tax of around £9-£10million...

Money from the trust can be used for the maintenance and education of Bear. The trust could buy a house for Bear and Cheryl to live in but it becomes Bear's at the age of 18.

Thank you, that makes far more sense, that his estate can be used for maintenance to cover the interim period whilst he's still a child.

 

[redstraw16]

If you don't have a Will as in this case the estate passes under the intestate rules to his son Bear.

As Bear is not 18 he cannot apply for Letters of Administrstion. Cheryl is allowed as Bears legal guardian/person with parental responsibility to obtain the Letters of Administration to Liam's estate. The funds will be held on trust for Bear and he will inheritance absolutely on his 18th Birthday.

Liam appointed no-one to administer his estate, Cheryl had the legal right to apply.

I was just quoting from DM, I’ve got no idea about the realities of it tbh. Maybe it’s just written poorly. I did see the name of a lawyer too.

 

[duskwithoutdawn]

With how Liam was in the months/years leading up to his death and the various rehab stints and proscribed treatments, it’s possible he wasn’t in a competent state of mind to sign off on a document like a will. The whole Roger case rested on if he had a duty of care for Liam which indicates there was doubt in his family about if he was in a fit state of mind.

 

[TheShire]

Wasn't Liam paying the mortgage for the house Cheryl lives in? What happens with that if Bear gets all the money but can't touch it?

 

[NowIsGood]

That doesn't take into account inheritance tax of around £9-£10million...

Money from the trust can be used for the maintenance and education of Bear. The trust could buy a house for Bear and Cheryl to live in but it becomes Bear's at the age of 18.

So is it £24mil after IHT or before? Shame he wasn't married in name to Cheryl, as a partner can inherit with no tax liability.
Would Bear be entitled to the future music royalties from one direction?

 

[KINGAA]

Surprised at the choice of him having named administrators of his estate in court documents but not having a will. But I guess that's just a hindsight thing unfortunately, noone expects it to happen to them.

I was advised to get one buying a house, I can’t believe X Factor or Modest didn’t tell the boys to do one.

I do think there being no will, will cause family rifts as he was finding his family a lot too and that will stop because it’s Bears money.

 

[Libertine1975]

I was just quoting from DM, I’ve got no idea about the realities of it tbh. Maybe it’s just written poorly. I did see the name of a lawyer too.

View attachment 3548426

Yea that's what I read and it bugs me as a Probate Solicitor when the press misreport things. Wasn't a good at you!

I was advised to get one buying a house, I can’t believe X Factor or Modest didn’t tell the boys to do one.

I do think there being no will, will cause family rifts as he was finding his family a lot too and that will stop because it’s Bears money.

If he was maintaining his family they can claim under the Inheritance (Provisions for Families and Dependants) Act 1975 as could Cheryl but if she was going to do that she shouldn't have acted and been named on the Letters of Administration as she would technically be suing herself...

 

[MammaTubbs]

For how discreet the Paynes have been so far, I can't see them drawing further attention to themselves or their grandson by attempting to gain anything from Liam's estate.

The media would have too much of a field day by making out they'd be robbing their grandson.

If he'd bought their current property, hopefully they'll have some options like downsizing etc if they did need to.

 

[BobbyBoos]

Christ what sort of people did he have around him advising him of anything if he didn’t have will in place with his lifestyle?!

 

[Lovenews]

Its smells of something. A music lawyer is the other administrator. Why wouldnt he have a will...maybe the lawyer knew he was going to execute an intestate estate....of a drug fuelled pop star..

 

[FentonLeigha84]

It used to say he had a £55mil fortune so where is the other 20 odd mil? Businesses, trusts, houses maybe? Im hoping if he did have the 50odd mil as stated numerous times that he already gave some to family and they have a nice little nest egg that was gifted to them by Liam and i already in their own names, own banks & homes from him prior to his death, so they can be ok trhough their life, as he did seem to really care for and take care of his family financially, and would have continued doing so if he was still alive. I think he would have made sure his neice & nephew were ok too. Hopefully if they haven't got anything from him prior to his passing and instead were just receiving monthly payments etc from him that cheryl can somehow see to it that they are all still looked after, afterall 24 mil is a lot to leave so some of it can be given to his family. If Liam only left 24mil behind after being in 1 of the biggest boybands in the world and being a main songwriter for them then there is no way cheryl has a 40mil wealth that gets touted about on social media, being that she was only in a uk famous girlband that never wrote their own songs and only had X Factor & L'oreal on top of that, no way she would have more money than him. As much as cheryl has done great keeping bear out the limelight I still find it odd she is listed as administrator, plus why do news reports say Liam chose her as administrator to his estate yet he didn't make a will? Surely the administrators should all be impartial and not have potential alterior motives? Are wills normally public like this for everyone to find out? Seems very invasive, I would have thought it would have been confidential yet all the papers are reporting on the court documents. Makes me wonder if it is really true or just the narrative that has been put out to the publc for whatever reason.

 

[FentonLeigha84]

Its smells of something. A music lawyer is the other administrator. Why wouldnt he have a will...maybe the lawyer knew he was going to execute an intestate estate....of a drug fuelled pop star..

Yeah I find it so strange, like surely they would have been advised to have a will, and Liam (aside from his addiction issues over the years) seemed to be very sensible esp about money. Even a simple will stated he leaves X amount to mum, dad, sisters & their family and the rest to his son, wouldnt have taken him much time to do. I know he probaly didn't think he was gonna die so didn't think he would need a will yet but being that they are heavily advised and given that he has said on multiple podcasts 1D almost killed him, he had thought of suicide before, the online bullying got to him so much etc I would have thought he would have been more prepared for his possible death and had a will done. I dunno, something fishy about the whole thing. Was that lawyer who is an administrator chosen by him or appointed by someone else? Surely there would be more than 2 - him & Cheryl to oversee the trust fund? I just think leaving bear that much that he will get at 18 not to mention his mums wealth is a recipe for disaster in the long run.

 

[FentonLeigha84]

Saw this in the Cheryl thread,. Weird as I think it was not long before she started dating Liam.

 

[gossipgirl59]

I thought he would of had more than 24 mil.

Same, this is what I’m most shocked by. 24m is obviously a lot but he was a member of one of the biggest boy bands, I thought he would’ve had more money saved up

 

[GrilledCheese]

Maybe it was bad spending habits. The band were known to buy multiple properties, custom built life size statues of movie characters, expensive jewellery, stay in £20k per night suites. The list goes on. Not everything could be classified as a business expense

 

[Libertine1975]

The £24 million is what is in his estate and doesn't include assets he might have gifted or written into trust during his lifetime.

 

[TheShire]

I don't think it's that surprising he didn't have a will as his life was out of control. 14 million is enough for bear and it will be invested so grow 10% a year. I'm not going to feel bad at 10million going to HMRC.