Mick Jagger keeps on rolling with his 8th child
With his 8th child on the way and other descendants to cater for, Jagger's finances must be getting in a pickle. But how can he ensure his beloved are provided for and his wealth is distributed among his children?
Sir Mick Jagger is set to become a father at the age of 72. With seven children, five grandchildren, and one great-grandchild, the Jagger dynasty shows no signs of fading from public view. Indeed, Jagger has not reneged on his promise made in 1981: if you start him up, he'll never stop.
The conception of a child is a time of great celebration but thought must also turn to important practical considerations. An addition to the Jagger family will necessitate an alteration to Mick's Will to provide for his unborn child.
Jagger will need to amend his Will to reflect the fact that he would want this child to benefit from his sizeable estate. There would, of course, be claims that could be put forward on the child's behalf under the Inheritance (Provision for Family and Dependents) Act 1975 should no provisions be made in Jagger's Will, but this costly and drawn-out litigation process would best be avoided by ensuring that his Will is updated.
Distribution of wealth
It is also particularly important for Mick Jagger to consider the distribution of his wealth post-death as he is worth an estimated $360m. He currently has six adult children, one juvenile child, five grandchildren and one great-grandchild.
For many people in this situation, they may decide to give a greater portion of their wealth to family members who are in a less financially secure position, such as minor descendants.
Should this be the case in his circumstance, there are a number of ways that he could do this. One might be to divide his estate into percentage shares and allocate a greater share to the younger children. Another could be the setting up of a discretionary trust.
A discretionary trust is a very flexible form of trust. The trustees have discretion as to who, within a potential class of beneficiaries will take, how much, and when. The person setting up the trust would provide guidance to the trustees as to how they would like the trustees to exercise their discretion by way of a non-binding letter of wishes. Such trusts are useful when a person has identified a group of people they wish to benefit, for example children, grandchildren etc, but are not certain which of them will need financial help in the future or what help will be required.
Blake Morgan recommend that you review your Will after every life-changing event, such as the conception or birth of a child, and, in any event, every five years to ensure that your post-death wishes harmonise with the provisions of your Will. There are myriad options open to you and a legal adviser can help you determine the best route to take.
For any advice on Wills and succession planning please contact Blake Morgan's Succession and Tax team.