Comedian Ken Dodd passed away in March 2018 at the age of 90 at his childhood home in Liverpool. Dodd had not drafted a will and up until just two days before his death, he was an unmarried man with no children and a, rumoured to be, very large fortune.
Dodd had been with his partner Anne Jones, 77, for over 40 years but had remained unmarried until the 9th March 2018. While Dodd was living his last days with a chest infection, he and Anne made the decision to finally tie the knot.
As a result of this last minute marriage, Dodd managed to save an inheritance tax bill of nearly £11m which would have been due on his estate had there been no surviving spouse. It has recently been revealed that Dodd’s fortune stood at £27.5m following a long and successful comedy career.
Whether the decision to marry was one born from romance or practicality, we’ll never know but one thing is for sure, the financial benefits of doing so are clear.
Regardless of whether you have a large fortune or a small fortune, there are lots of reasons to plan the distribution of your estate before you die and ensure your family are not hit with any unexpected tax bills.
Whilst we would always recommend you draft a will to ensure your assets are passed to who you want them to be on your death, it is also useful to get advice on your individual situation and whether you have made the best possible plans to ensure your estate is protected as far as possible.
For advice relating to drafting or changing a will, estate planning or trusts, get in touch with Farleys’ private client department on 0845 287 0939 or submit your enquiry through our online contact form.