Why Wills Are a Core Part of Sound Financial Planning
The recent, tragic news that Liam Payne, former member of One Direction, passed away without a will is not only deeply sad — it also highlights the importance of proactive estate planning, particularly for individuals with children or complex financial affairs.
Liam reportedly left behind an estate valued at over £24 million, and a young son, Bear, who under the rules of intestacy (where there is no Will in place) is set to inherit everything at the tender age of 18. Without a will or trust in place, there is no structure for how those assets are accessed, invested, or distributed. For many families, this could result in emotional strain, legal complexity, and unintended outcomes. It could also result in his son becoming very vulnerable at age 18, which I think we will agree is a very young age to inherit such a large sum of money.
Additionally, his parents, siblings, and long-term partner are not legally entitled to inherit under the intestacy rules — which may come as a surprise to many.
This situation is a powerful reminder that estate planning is not just a legal formality — it’s a key part of financial planning, regardless of wealth level.
A Financial Plan Is Not Complete Without a Will
At Ella Rose Financial, we consider wills and estate planning to be one of the building blocks of a well-structured financial plan. While we do not provide legal services, we work closely with trusted solicitors to ensure that these important conversations are included in your wider planning.
We regularly support clients in:
Identifying how and when to seek legal advice about wills and trusts
Understanding how inheritance tax rules may apply to their estate
Structuring their financial affairs to reflect their family priorities
Aligning wills and letters of wishes with their long-term goals
This is not a one-size-fits-all conversation. Everyone’s circumstances are different — and estate planning should reflect that.
Not Just for the Ultra-Wealthy
A common misconception is that wills and trusts are only relevant if you have significant wealth. In reality, they’re just as important for people with children, property, pensions, or business interests — particularly where there are blended families, dependants, or financial commitments
While we cannot know the personal advice Liam received, the absence of a will in this case highlights how easily these conversations can be delayed — and how crucial it is to have the right professional support in place.
Wills and Trusts: Practical Tools, Not Just Paperwork
Wills, trusts, and letters of wishes are not just legal documents. They are practical tools that:
Help protect minor children and dependants
Provide clarity for family members and executors
Reduce the risk of disputes or delays during probate
Ensure that your intentions are respected
It’s also important to remember that inheritance tax and gifting rules can change, and personal tax treatment will vary depending on individual circumstances.
We always recommend seeking legal advice when creating or updating a will, and financial advice when considering how your estate interacts with your broader financial plan.
Planning for What Matters Most
At Ella Rose Financial, we help clients create plans that support their long-term goals — and that includes considering how their wealth is passed on.
If you would like to explore how estate planning can fit into your financial plan, or if your current arrangements need reviewing, we can guide you through the process in collaboration with legal professionals.
We believe financial planning should give you — and your loved ones — clarity, confidence, and peace of mind.
Important Information:
Ella Rose Financial does not provide legal services or write wills. We work alongside legal professionals to ensure that estate planning is considered as part of a wider financial strategy. Financial planning and tax advice is provided on the basis of individual circumstances and subject to change in legislation and regulation.
The Financial Conduct Authority does not regulate Wills, tax and estate planning.