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Rik Mayall’s Inheritance Tax Trap for Failing to Make a Will

Comedian Rik Mayall failed to leave a valid Will to deal with his £1.2 million estate and his family could face a huge inheritance tax bill, it has been revealed. Rik sadly passed away on the 9 June 2014.

The revelation comes despite him suffering serious head injuries and nearly dying in a quad-bike accident in 1998 – but like many he still failed to make a Will

The intestacy rules for a married father like Rik Mayall means that his wife would receive £250,000 of his Estate plus his ‘chattels’, which would include any personally owned cars, furniture, ornaments, books and jewellery and his children would automatically receive half the remaining value of his Estate, creating a potential Inheritance tax bill if the amount remaining is more than the inheritance tax limit of £325,000.

Josiah Hincks stresses the importance of making a Will and to avoid leaving your family with a significant Inheritance tax bill. For further advice give our Wills & Probate team a call