Hollywood icon Shelley Duvall, who died earlier this year, will be best remembered for her role as Wendy Torrance in The Shining.
Duvall passed away in July 2024 but her death continues to garner headlines amid claims that she died intestate.
Dying without a will can make the process of distributing an estate much harder, which is why it’s vital that you have one, and that you keep it up to date.
It’s also crucial that your will aligns with your long-term financial and retirement plans.
Keep reading to find out how to do just that.
The rules of intestacy could mean your money is not passed on as you’d wish
Shelley Duvall might be best known for her performance in The Shining, Stanley Kubrick’s adaptation of the Stephen King novel, but by this time she had already won a Best Actress award at Cannes.
Throughout a long career – her final film role was 2023’s The Forest Hills – Duvall also starred in films directed by Robert Altman (McCabe & Mrs. Miller, 1971) and Woody Allen (Annie Hall, 1977). She died with an estimated fortune of somewhere between $500,000 and $5 million.
With a will in place, her estate would have been distributed in line with her wishes, possibly passing to her partner of 30 years, musician Dan Gilroy. Without a will, Duvall’s estate becomes subject to the rules of intestacy, which could see her money pass to extended family (Duvall had no children), with her partner not entitled to anything.
Unmarried partners and adopted or stepchildren often miss out on an inheritance due to the rules of intestacy. This is becoming an increasing problem here in the UK as the number of so-called “blended families” rises.
Be sure to put a will in place, keep it up to date, and then think about how it fits into your wider plans.
3 important reasons to revisit your estate planning now
1. It’s vital that estate planning is factored in from the outset
Dwelling on our own mortality isn’t easy but thinking about the legacy you want to leave behind is something to think about now. Don’t wait until you get older.
You might know who you want to pass your wealth to, but it’s only through careful estate planning that you can be sure that you’ll have something to leave behind, and that the amount won’t have a huge tax liability attached.
Check in regularly with your estate’s value and if you think Inheritance Tax (IHT) might be applied on death, be sure to speak to the experts. We can help you to mitigate an IHT bill, but this will likely be an ongoing process, not a one-time fix.
2. Tax-efficient estate planning might mean “giving while living”
IHT is usually payable at 40% on the value of your estate that exceeds the nil-rate band, currently £350,000 for the 2024/25 tax year.
But there are ways to lower the value of your estate for IHT purposes. One such way is through gifting.
You can make as many gifts as you like during your lifetime. These “potentially exempt transfers (PETs)” are tax-free as long as you live for seven years after the date the gift is made – the so-called “seven-year rule”.
Some gifts, though, are tax-free from the moment you make them, thanks to certain HMRC exemptions. By thinking about your estate planning early, you can make the best use of these exemptions.
You can make tax-free gifts of up to £3,000 a year, for example (and this amount can be carried forward for up to a year). You might also choose to make regular gifts as a living inheritance.
“Giving while living” has a tax advantage for you, while also meaning that your loved ones benefit from the money when they need it most.
This approach requires careful planning so be sure to speak to us before you make any decisions.
3. It’s vital to have difficult conversations with loved ones
Having a will in place, and a plan to distribute your wealth tax-efficiently to your chosen beneficiaries is a great start. But sometimes the next part can be the hardest of all.
Communicating your wishes to loved ones is vitally important. But money can be a taboo subject, and death and inheritance will always be emotive subjects.
Talking to an expert can be a great start, helping you to think through your plans so that you’re able to articulate them effectively to those affected. Discussing your decisions and the reasons behind them can help to avoid conflict when you’re gone and ensure that your wishes are adhered to.
Get in touch
If you’d like to discuss any aspect of your long-term financial, retirement, or estate planning, get in touch. Contact us now to find out how our Chartered financial planners could help you.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The Financial Conduct Authority does not regulate estate planning or will writing.
