Entertainer Bruce Forsyth certainly played his cards right when it came to making will.
When the veteran TV entertainer died at the age of 89 in August 2017, he’d amassed an estate worth more than £11.7m. According to newspaper reports, it will all pass to his widow Wilnelia and none to his six children.
The Strictly Come Dancing star was married three times. He was survived by three daughters from his first marriage, two daughters from his second marriage, and a son from his third. All were reported with him when he passed away.
Getting around inheritance tax
By not leaving his children anything in his will, Bruce was probably helping them to avoid paying inheritance tax. You pay no inheritance tax if you leave everything to a spouse or civil partner, a charity or a community sports club.
If Bruce had left his children any money, inheritance tax would have levied at a rate of 40% on any amount over £325,000 – a substantial amount.
But the star, whose 75-year TV career spanned an astonishing nine decades, did play the generation game. He reportedly left a trust worth £100,000, to be split between his nine grandchildren.
A trust is a legal entity controlled by trustees (typically there are two of them). In Bruce’s case, the £100,000 will be given to the grandchildren when they reach the age of 21.
All of these decisions were made back in 2005famil when the will was reportedly drawn up. Bruce was clearly one smart mover, both in his trademark dance routines and in planning for his family’s future.