David Bowie died on 10 January 2016 after losing a secret battle to liver cancer. His body was cremated on 12 January 2016 in New Jersey and last Friday his 20 page Will, which was prepared in 2004, was filed in New York Court.
In his Will, Bowie left a $1 million legacy to the Nanny of his eldest son, Duncan, who apparently looked after Duncan as a child whilst Bowie and his first wife were out living the rock and roll lifestyle. Duncan has said that he ‘always considered’ her his mother. Another $2 million legacy has been left to Bowie’s personal assistant who apparently ‘saved his life’, referring to his wild days. His personal assistant also inherited Bowie’s shares of a company ‘Opossum Ltd’.
The remainder of his estate has been divided between his wife Iman and his children. Iman has inherited 50% of the $100 million (£70 million) fortune, in trust to be paid to her four times a year. Iman can request extra funds for her ‘health education and maintenance’. Bowie’s 44 year old son Duncan and 15 year old daughter Alexandria have inheried 25% each. Alexandria’s share will be held on trust due to her age and she also received Bowie’s ‘mountain retreat’ in upstate New York.
Bowie also left funeral directions in his Will, requesting that his body be taken to Bali “and cremated there in accordance with the Buddhist rituals” but “if that is not practical then I direct that my executors shall arrange for my remains to be cremated and my ashes scattered in Bali”.
Although your fortune may not be the size of Bowie’s, it is important to make the gifts you wish in your Will, as the important people or causes in your life may not receive anything on your death if you leave no Will.
As well as making important legacies in your Will, it is also considerate to have thought through and then express your wishes for your funeral. As well as ensuring that your wishes are formalised and communicated clearly, this saves your executors, family and friends the difficulty and distress of second guessing what you would may have wanted. While they, for sure, are also dealing with their grief of losing you.
There seems to have been a spate of celebrity deaths in the last few months, shocking the public. No one is too rich or too famous for death. It is clear that Bowie was a generous man in life and has shown gratitude and care after death for those that were important and loyal to him in his life. Maybe we can follow in his footsteps before we, too, become stardust.
If you need a new Will or feel its time to review you current one, please do get in touch with the team today on 01206 835261 or email us at [email protected]. Alternatively you can also find additional information on our website.
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