Prior to her death from cervical cancer, Jade Goody took advice from estate planning solicitors. Jade reportedly left each of her sons £2 million and nothing to her husband Jack Tweed. Jade set up a trust fund for Bobby and Freddie to ensure they are financially set up for life. The Will also included for future school fees. Her executors will be her three best friends.
Goody also gave £100,000 to charities in India dedicated to caring for children in poverty.
As Goody was married to Jack Tweed she was able to save more than £1 million in inheritance tax. The Daily Mail reported that if Goody had not married him, Freddie and Bobby’s trust would been liable to 40% tax on more than £2.68 million of her estate, landing it with a bill of £1,075,000. The money can be passed on through him as a surviving spouse.
This does not mean 21-year-old Tweed has any rights to the estate, as it can still be controlled by the trustees acting for Freddie and Bobby.
It is advisable for everyone to have a Will in place but especially if you have children. You can ensure safeguards for your children are included in your Will. This is where our Wills team can help you and we will ensure that you receive straightforward, clear, common sense advice.
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