What power Cheryl has over Liam Payne's fortune after he died without a will
Liam Payne has left behind a multi-million pound fortune after dying without a will.
The former One Direction star died at the age of 31 after falling from a hotel balcony in Buenos Aires, Argentina in October last year.
He died of multiple traumas and 'internal and external haemorrhage' caused by the fall, according to the postmortem report.
A toxicology report said Payne had alcohol, cocaine and a prescription antidepressant in his system at the time of death.
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Since he passed away without a will, people have been wondering who will inherit his estate.
What happens if someone dies without a will?
When a person dies without a will, their estate has to be shared out according to the 'rules of intestacy.'
The government website states that 'if the estate is worth over £322,00' it gets 'divided between the husband, wife or civil partner and the children of the deceased.
Who will inherit Liam Payne’s fortune?
Cheryl Tweedy, who is Payne's ex partner and mother to his son Bear, is an administrator for his £24.3 million estate.
She was in a relationship with the singer between 2016 and 2018.
Payne's lawyer, Richard Mark Bray, has also been named as an administrator.
Although the gross value of the estate is £28,594,88, the net value after debts and expenses is £24,279,728, according to the Letters of Administration.
What Cheryl must do after inheriting Liam Payne's fortune
Cheryl, 41, is likely to be 'responsible for the assets from the date of death until the date everything has been passed on to the beneficiaries.'
This is known as the 'administration period' and consists of the following obligations:
· pay any financial debts left by the deceased
· sell or transfer assets such as properties or shares
· pay income tax on specific assets, such as rental income from property, profits from a business or interest from investments
· pay capital gains tax on profits from selling shares, investments or property
· report the estate value, income and tax liability to HMRC.
What power Cheryl has over Liam Payne's fortune
Cheryl and Bray will have the responsibility of managing Payne's ongoing financial affairs, as well as maintain his properties until it is sold of transferred to someone else.
They then have the ability to distribute the estate, which could mean placing funds into a trust for Bear, for example.
Obviously, the pair also have the responsibility to represent the estate legally, as well as deal with any incomings and outgoings.
Cheryl's heartbreaking tribute to Liam Payne
Last October, Cheryl took to Instagram to share an emotional tribute to her late ex partner.
"As I try to navigate this earth shattering event, I’d like to kindly remind everyone that we have lost a human being," she said.
"Liam was not only a pop star and celebrity, he was a son, a brother, an uncle, a dear friend and a father to our 7 year old son. A son that now has to face the reality of never seeing his father again.
"What is troubling my spirit the most is that one day Bear will have access to the abhorrent reports and media exploitation we have seen in the past two days. It is breaking my heart further that I cannot protect him from that in his future.
"I am begging you to consider what use some of these reports are serving, other than to cause further harm to everyone left behind picking up the pieces. Before you leave comments or make videos, ask yourself if you would like your own child or family to rad them.
"Please give Liam the little dignity he has left in the wake of his death to rest in some peace at last. Thank you, Cheryl."
Topics: Celebrity, Liam Payne, UK News, Sex and Relationships, Money, Parenting
Anish Vij