| 09/03/2010 |
Savvy planning by reality TV star's lawyers sees £3m fortune go to children |
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| Anyone looking to protect children's inheritance in the process of writing their will may be interested in the details of the late Jade Goody's financial affairs, which have been seen by a newspaper. Although the reality TV star's will is currently being finalised through probate, the News of the World has discovered that she has left almost all her entire estate to her two children. However, in naming her husband Jack Tweed - who she married on her deathbed - as a beneficiary, Goody will prevent more than £1 million being paid as inheritance tax, as assets paid through a spouse are not liable for the penalty. Furthermore, by putting 312,000 in a Nil Rate Band Trust and £2.7 million in a Residuary Trust Fund, Goody was able to ensure that her £3 million fortune will go straight to Freddie, six, and Bobby, five. "All the efforts of her trustees will be towards maximising the amount of money available to the children," a source is said to have told the newspaper. A trust is an arrangement which sees property and assets managed by a person or a group of people for the benefit of another. Anyone thinking of establishing trusts should seek the advice of a solicitor specialising in estate planning.  |
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