We work throughout our lives to be able to live comfortably and pass on our assets to our children, but what happens to our possessions when we pass?
In recent years, well known household names you see most Saturday nights on your television have attracted attention after announcing that their offspring will not be inheriting their respective fortunes.
Most recently TV chef Gordon Ramsay confirmed that his fortune would not be going to his four teenage children after his death, despite owning houses in Wandsworth, Cornwall, London and Los Angeles.
Ramsay is also reported to have made £43 million last year, with a number of businesses across the world – according to Forbes magazine.
His ethos is undoubtedly a product of his own tough upbringing, suffering hardship with his abusive father and witnessing his Mother going through extreme despair.
Ramsay is not the only celebrity to decide against giving his children the keys to his estate, so to speak. Nigella Lawson, Sting and Elton John among others have also followed suit in making the choice of not giving their children any inheritance.
Whether the offspring of famous parents would be able to demonstrate such reliance will depend on their own individual circumstance, but it should be borne in mind of all parents that encouraging them to make their own way in the world now may well leave them better able to fend for themselves after they have gone.
During the will writing, a detailed record is kept of discussions with options to exclude or limit what your family is to receive concisely setting out the reasoned rationale behind the decision. This may prove useful on an evidential basis should the will be challenged further down the line.
Similarly, whilst not binding, consideration should also be given to a letter of wishes, clearly setting out why the testator has decided to bequeath their estate in a particular way.
Will Protect provide invaluable advice in establishing a plan to help protect your assets after you pass away, your treasured assets could be at risk after your death. These could be assets you have worked incredibly hard for, this prevents your loved ones not losing their inheritance and legacy if you choose.
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