Contractual Terms and Liability Limits

The starting point is the storage contract. Most storage agreements are drafted heavily in favour of the operator and typically include strict limitations on liability. Standard clauses often provide that the operator is not responsible for loss or damage caused by theft, vermin, water ingress, fire, or even the operator’s own negligence. For high‑value art, this can be problematic. Collectors should scrutinise these clauses closely and negotiate amendments where possible, or at least understand the extent to which they may be assuming the risk themselves.

 

Insurance Requirements

Insurance is another critical legal element. Many storage facilities require customers to maintain their own insurance and the storage contract may explicitly state that the operator provides no cover. Even where insurance is provided, it may be subject to low limits or broad exclusions.

Specialist art insurance, covering accidental damage, changes in climate conditions, or professional handling, is preferable.

 

Environmental and Security Standards

From a legal standpoint the storage operator generally makes no guarantee that the unit is suitable for storing sensitive items such as art. Fine art is highly vulnerable to humidity fluctuations, temperature changes, mould and poor air quality. Unless the contract expressly states that the facility provides climate control or enhanced security measures, the operator may not be legally accountable if artwork deteriorates or is stolen. As a result agreements should be reviewed to confirm what environmental and security standards the operator is contractually obliged to provide and what remains the customer’s responsibility.

 

Title, Provenance and Access Rights

Owners must ensure that their legal title to the works is clear before placing artwork into storage. Disputes can arise if multiple parties later claim ownership or if the artwork becomes subject to a freezing order, lien or security interest. Additionally, storage contracts often restrict who can access the unit, so authorised persons should be clearly identified to avoid disputes or unauthorised entry.

 

Sale of Artwork in Storage to a Third Party

A further consideration arises where an owner sells artwork whilst it remains in storage. A change of ownership does not automatically alter the legal relationship between the original depositor and the storage operator: the incoming buyer acquires no contractual relationship with the facility and no automatic right of access.

To regularise the position the parties should notify the operator promptly in writing and arrange for the storage contract to be novated or assigned to the buyer (or indeed terminated), subject to the operator’s consent. Authorised access rights should be updated accordingly.

Under the Sale of Goods Act 1979 risk ordinarily passes with property unless the parties agree otherwise and delivery may be effected constructively by transferring control of the means of access (such as keys or access codes) without physically moving the work. However, physical delivery is preferable where practicable to avoid later dispute.

Buyers should also be aware that if the seller has outstanding storage fees at the point of sale, the operator may hold a possessory lien over the goods, potentially preventing recovery of the work until that debt is discharged. Due diligence on any sums owing to the facility should therefore form part of the buyer’s pre-completion enquiries. Finally both parties should ensure that there is no gap in specialist insurance cover between the seller’s policy lapsing and the buyer’s cover biting, as risk will have passed in the interim.

 

Disposal of Goods: Compliance with the Torts (Interference with Goods) Act 1977

A further legal issue arises if the storage facility considers disposing of items left in a unit, for instance due to unpaid fees. In the UK operators must comply with the Torts (Interference with Goods) Act 1977. This legislation requires the facility to take reasonable steps to notify the owner, giving them an opportunity to reclaim their goods. Typically a notice must be served specifying the owner’s obligations, the amount owed and a reasonable timeframe after which the goods may be sold or disposed of. Failure to follow the statutory procedure can expose the facility to liability for wrongful interference or conversion.

 

Conclusion

Storing high‑value art in a storage facility involves far more than simply renting a unit. The legal framework governing liability, insurance, environmental conditions, disposal rights and access can significantly affect the safety and preservation of valuable works. Careful review of contractual terms, appropriate specialist insurance and due diligence on facility standards are essential steps to protect both the art and the owner’s legal position.

To find out more please contact Arthur Byng Nelson here, or Aaron Heslop here. 

You do not need to be ultra wealthy for an FIC to be useful. FICs are now widely used by families to protect and manage a broad range of assets, from investment portfolios and cash savings, to buy-to-let properties.

In this article, we explain what a family investment company is, why it might be worth considering as part of your long-term financial planning and how our firm can assist you to set up your FIC.

 

What Is a Family Investment Company “FIC”?

A family investment company is simply a private limited company, incorporated at Companies House, that is used by a family to hold and manage investments. It is not company with a special legal status. Rather, it is an ordinary company, but one that is set up and structured with a  family’s wealth objectives and continuity in mind.

Typically, the founders (usually the parents or grandparents, but not always) subscribe for shares in the company and then transfer cash or other assets into it. The company uses those assets to invest, for example, in shares or property. The key feature is the share structure of an FIC, which is carefully designed so that the founders retain control of the company while gradually passing the economic value of the investments to the next generation.

 

How Does it Work?

The flexibility of an FIC lies in its ability to issue different classes of shares, each carrying different rights. A common FIC arrangement might look like this:

• Voting shares are held by the founders (again, usually the parents or grandparents), giving them full control over the company’s decisions, including how profits are distributed and how investments are managed.
• Growth shares are issued to children or grandchildren. These shares carry the right to receive dividends and to benefit from any increase in the value of the company’s assets, but they carry no voting rights meaning the holders have no control over the company’s decision making.

This means the founders can retain a firm hand on the assets put into the FIC while ensuring that, over time, wealth passes down to the younger generations in a structured and controlled way.

 

5 Key Benefits of Using a Family Investment Company for Wealth Planning

Control Over Family Wealth

One of the most compelling advantages of an FIC is the degree of control it offers. Unlike an outright gift (where once you give money away, you have no say in how it is used) an FIC allows the founders to decide when and how much wealth is distributed to family members. Dividends can be declared selectively, at different rates, to different shareholders, and at different times. This is particularly useful where the founders are not yet confident that younger family members are ready to manage significant sums.

 

Inheritance Tax Planning

An FIC can be a highly effective tool for inheritance tax (IHT) planning. When the founders transfer assets into the company and the growth in value accrues to the next generation’s shares, that growth falls outside the founders’ estates for IHT purposes.

If the founders transfer cash or assets into the company by way of subscribing for shares at par value and the growth shares are issued to the children at the outset, then the future increase in the company’s value belongs to the children and not the founders. Over time, this can significantly reduce the founders’ taxable estates.

It is important to note that the initial transfer of value may be treated as a chargeable lifetime transfer for IHT purposes, and the founders will need to survive for seven years for the transfer to fall out of their estates entirely. Careful structuring and professional advice at the outset are essential.

 

Income Tax Efficiency

Investments held within a company such as an FIC are subject to current corporation tax rates on their returns, rather than income tax. The current rate of corporation tax (25% for profits over £250,000, with a small profits rate of 19%) can compare favourably with the higher and additional rates of income tax (40% and 45%) that individuals might otherwise pay on the same investment income.

Profits retained within the FIC can be reinvested without any further tax charge, allowing the investment pot to grow more efficiently over time. Dividends are only taxed in the hands of individual shareholders when they are actually paid out, and this gives the family more flexibility to manage the timing and amount of any personal tax liabilities.

 

Asset Protection

Because the assets sit within a company, and are not held by the founders personally, they are afforded a degree of protection from personal claims. The corporate structure can in some circumstances provide a useful layer of separation between family wealth and the personal affairs of individual family members, including in the event of divorce or bankruptcy.

 

Succession Planning

An FIC provides a natural framework for succession planning. Shares can be transferred, gifted, or issued to the next generation over time, and the articles of association, which govern the FIC can include provisions that restrict the transfer of shares to people outside of the family. This helps to ensure that wealth remains within the family across multiple generations.

 

Are There Any Drawbacks to a Family Investment Company?

As with any planning structure, an FIC is not without its complexities. There are set-up costs, ongoing filing obligations at Companies House and with HMRC, and the company’s accounts will be publicly available on the register (although this may be avoided, in some cases, where an unlimited liability company is used – but that has drawbacks of its own).

HMRC is well aware of the potential for FICs to be used as vehicles for tax avoidance. The settlements legislation, the Transfer of Assets Abroad rules, and the close company provisions can all apply in certain circumstances. It is crucial that any FIC structure is established on proper advice and for genuine commercial and family reasons, not solely to avoid tax.

An FIC is not a one-size-fits-all solution, and it is not appropriate in every case. The benefits depend on your personal circumstances, the size and nature of your assets, and your long-term objectives.

 

How We Can Help

At Sherrards, our Corporate and Private Wealth teams work together to advise families on the establishment and ongoing management of family investment companies.

Our Private Wealth team works closely with clients and their financial advisers to understand the family’s broader wealth planning objectives, including estate planning, succession, and inheritance tax considerations. The Private Wealth team is well placed to advise on the gifting of shares, the interaction with wills and existing trust arrangements, and the wider implications for the family’s overall estate plan.

Once the blueprint for the FIC has been designed, typically by the client’s tax adviser in conjunction with our Private Wealth team, our Corporate team steps in to build it. We are, in that sense, the builders rather than the architects. Our Corporate lawyers draft the bespoke articles of association, establish the appropriate share classes, prepare shareholders’ agreements, and handle the incorporation and all necessary filings. We ensure that the legal documentation accurately and robustly reflects the structure that has been designed, and that it is fit for purpose both now and as the family’s circumstances evolve.

 

If you would like to explore whether a Family Investment Company could work for you, please do not hesitate to get in touch with our team for an initial conversation.

Without this legal authority, banks, pension providers, and other organisations may refuse to deal with family members, making it difficult to pay bills or manage property.

The Two Types of Court of Protection Orders: Finance & Welfare

There are two main types of Deputyship Orders. The most common is Property and Financial Affairs Deputyship, which allows the deputy to manage money, pay bills, collect benefits or pensions, and deal with property or savings.

The second type is Personal Welfare Deputyship, which relates to decisions about medical treatment, care arrangements, and where the person lives. These orders are rare and are only granted when there is an ongoing need for formal authority over welfare decisions.

Who Can Become a Deputy and What Are Their Duties

A deputy is usually a close family member or friend, but it can also be a solicitor or professional deputy if there is no suitable relative. The court will only appoint someone who is over 18 and considered capable of acting responsibly and honestly.

Deputies are supervised by the Office of the Public Guardian. They must keep clear records of spending, keep the person’s money separate from their own, and submit annual reports. Deputies must avoid conflicts of interest and ensure all decisions are made in the best interests of the person who lacks capacity and follow the principles of the Mental Capacity Act.

How Long Does it Take to Get a Deputyship Order? (Costs & Timeline)

Applying for a Deputyship Order usually takes between four and six months, although complex cases can take longer. There is a court application fee, along with possible medical assessment costs and an annual supervision fee. In some cases, a security bond is also required. Fee reductions may be available if the person has a low income or limited savings.

Deputyship vs. (ignore this can stay)  Lasting Power of Attorney (LPA): Why Planning Ahead Matters

Unlike a Power of Attorney, which is made while someone still has mental capacity, a Deputyship Order is applied for after capacity has been lost. It is generally more expensive and time-consuming because the court must decide who should act and what authority they should have. 

Therefore, due to these issues if a person still has mental capacity, they should get a Lasting Power of Attorney in place, without delay.   

Conclusion

A Deputyship Order provides an essential legal solution when someone can no longer manage their own affairs and has not planned ahead. Although the process can be slow and costly, it ensures that vulnerable people are protected and that their finances and welfare are handled lawfully and in their best interests.

How We Can Help at Sherrards

Depending on your circumstances, or those of a loved one, we would encourage you to contact our Private Wealth Team at Sherrards to find out more about Deputyship applications or Lasting Powers of Attorney. 

Passing Wealth to the Next Generation

With more expertise on the ground in St Albans, we are ideally placed to guide families and business owners through the complexities of passing wealth on to the next generation. Our team can offer tailored strategies for family governance, inheritance tax planning, and succession, delivered with local understanding and sensitivity.

Commitment to Our Community

By investing in St Albans, we reaffirm our commitment to clients in Hertfordshire and the surround area, offering the quality and expertise you would expect in London, but with the approachability and continuity of a trusted local adviser.

Our Private Wealth team is known for its approachable and practical style, setting the tone for how we work with clients. The team continues to be recognised in top legal directories including The Legal 500 and Chambers High Net-Worth Guide, reflecting our ongoing commitment to client care and expertise.

Meet the Team

Nicole Marmor — Partner & Head of Private Wealth

Nicole leads our Private Wealth team, advising UK and international clients, particularly those with interests in France, Germany, Spain, the US, and India. She specialises in Inheritance Tax, Estate Planning, cross-border estates, and Court of Protection matters. Nicole is a full STEP member and consistently ranked in Chambers, Spears, and The Legal 500.

Jacki Hockin — Legal Director

Jacki is well known in the St Albans area, where she was born and bred. With many years of experience, Jacki has long been a trusted adviser in the local community. A full STEP member, she supports clients with all aspects of wills, trusts and probate, guiding them with care and clarity. Her calm, down to earth approach makes even the most complicated issues feel manageable.

David Mulholland (TEP) — Legal Director

David’s broad expertise strengthens Sherrards’ core private client services. He advises on wills, lasting powers of attorney, estate administration, tax, and trust structures, providing pragmatic, tailored solutions that reflect each client’s unique circumstances. A full member of STEP, David’s internationally recognised credentials underpin deep technical knowledge and a trusted, client‑centred advisory style.

Rebecca Napier — Associate

Rebecca offers clear and thoughtful support across wills, powers of attorney, trusts and probate matters. Rebecca prioritises one‑to‑one engagement, taking time to understand clients’ personal situations and offering straightforward advice that helps them plan effectively for the future and manage transitions with confidence. Her approachable manner and commitment to long‑standing client relationships are real assets to the St Albans team.

Our St Albans team are focused on helping clients protect their assets, plan for the future, and navigate all aspects of family wealth with confidence.

Support from London — Specialist Skills That Enhance the Team

Our clients in St Albans also benefit from the expertise of our London office. Arthur Byng Nelson leads our Art and Heritage law services, providing specialist advice for those who own art collections or heritage property. His experience covers every aspect of protecting and managing cultural or historic assets.

Francesca Rossi leads Sherrards’ Italian Desk, supporting clients who have interests in both the UK and Italy. Francesca is fluent in both English and Italian law and is especially helpful to families managing cross-border estates and assets.

Supporting our London team are Senior Associate, Charles Burrell, and Solicitor Abroo Khan.

The expansion of our Private Wealth team reflects Sherrards’ ongoing commitment to the St Albans community. We are proud to offer a broader and deeper level of support, delivered with the warmth, clarity, and straight-talking service our clients know and trust.

If you would like to speak to a member of the team, discuss your own plans or learn more about our services, please contact our St Albans office on 01727 832830 or email law@sherrards.com.

About Sherrards 

Sherrards is a law firm made up of talented lawyers and an excellent wider team that keeps the whole place running smoothly. Our philosophy is to keep things straightforward. Advice is pragmatic and cases are handled with little fuss. We find this refreshingly obvious approach attracts clients tired of people making things more complicated than they need to be.

A personal injury trust can be an effective and well-established solution. At Sherrards, we regularly advise injured individuals and their families on how personal injury trusts can protect compensation, preserve benefit entitlement and support long-term financial planning.

This article explains what a personal injury trust is, when it may be appropriate, and the key issues to consider.

 

What Is a Personal Injury Trust?

A personal injury trust is a legal structure used to hold compensation awarded as a result of a personal injury. The trust can take several different forms, but it must be established wholly or partly for the benefit of the injured person.

Personal injury trusts are commonly used for damages arising from:

• Road traffic or workplace accidents
• Medical negligence
• Criminal injuries
• Industrial disease
• Injuries caused by another person’s negligence

Importantly, damages held within a properly established personal injury trust are disregarded for the purposes of means-tested benefits.

Compensation awarded solely for “injury to feelings” (for example in discrimination claims) is treated differently and will not usually qualify for this protection.

 

Why Consider a Personal Injury Trust?

Preserving Eligibility for Means-Tested Benefits

Means-tested benefits such as Universal Credit are subject to strict capital limits. In broad terms:

• Capital over £6,000 can reduce entitlement
• Capital of £16,000 or more usually removes entitlement altogether

Without a trust, a personal injury award can quickly push an individual above these thresholds.

Where compensation is placed into a personal injury trust, the trust capital is ignored when assessing entitlement to means-tested benefits. Any income generated by trust assets is also generally disregarded, even if it is paid to the injured person.

This allows individuals to access their compensation while maintaining financial support from the state where appropriate.

The 52-Week Temporary Disregard

Following receipt of compensation, there is a limited statutory “breathing space”. For up to 52 weeks, personal injury damages can be held by the injured person without affecting means-tested benefits.

This period is intended to allow time to take advice and decide how best to manage the award. However, once the 52-week period expires, any remaining funds held personally may be treated as assessable capital.

Given the complexity and uncertainty around how this rule applies, particularly where interim payments are made, reliance on the temporary disregard alone is rarely advisable for larger awards.

 

Asset Protection and Long-Term Planning

Even where benefits are not currently claimed, a personal injury trust may still be highly relevant. Clients often choose to use a trust to:

• Plan for possible future care needs
• Manage compensation where capacity may fluctuate
• Protect assets from divorce, bankruptcy or financial pressure
• Help ensure that damages last for the long term
• Ring-fence compensation from third-party influence

A trust can provide reassurance and structure at a time when financial decisions may otherwise feel overwhelming.

 

When a Personal Injury Trust May Not Be Appropriate

A trust may not be the right solution in every case. For example:

• Where the award is modest and unlikely to affect benefits
• Where the costs of establishing and administering a trust are disproportionate
• Where the injured person prefers to manage funds personally and does not need benefit protection

Alternative arrangements, such as investing in other forms of disregarded capital or using a deputyship account where mental capacity is lacking, may be more suitable in some circumstances.

 

Types of Personal Injury Trusts

Bare Trust (Most Common)

A bare trust is the simplest and most commonly used personal injury trust. The injured person is absolutely entitled to the trust assets, with trustees acting primarily in an administrative role.

 

Bare trusts are often preferred because they are:

• Simple and transparent
• Cost-effective to run
• Easy to understand

They are usually the default option unless there are clear reasons to consider a more complex structure.

 

Life Interest Trust

A life interest trust provides the injured person with income for life, with the capital passing to other beneficiaries (such as children) on death.

This structure may be suitable where:

• Long-term family provision is important
• There is concern about pressure to spend a lump sum

Careful management is required to ensure income payments do not inadvertently affect benefits.

 

Discretionary Trust

A discretionary trust gives trustees wide powers to control how and when funds are applied.

This can be appropriate where:

• The injured person is vulnerable
• There is a risk of financial exploitation
• Strong asset protection is required

Discretionary trusts are more complex and can carry additional tax considerations, so specialist advice is essential.

 

Disabled Person’s Trust

Where the injured person meets the statutory definition of “disabled” for tax purposes, a disabled person’s interest trust may provide favourable inheritance tax treatment, particularly for larger awards.

 

Choosing Trustees

Choosing the right trustees is critical to the success of a personal injury trust. Key considerations include:

• Appointing two to four trustees
• Avoiding a sole trustee
• Including at least one independent trustee
• Considering whether a professional trustee is appropriate

In some cases, particularly where awards are substantial or the injured person is vulnerable, the court may require professional trustee involvement.

 

Managing Payments from the Trust

Funds held within the trust are protected for benefits purposes. However, once money is paid directly to the injured person and retained, it may become assessable capital.

Trustees can help manage this risk by:

• Paying major expenses directly to third parties
• Structuring payments to avoid unnecessary benefit implications

This is an important part of ongoing trust administration.

 

The Importance of Will Planning & Wider Estate Planning

Advice on personal injury trusts should always be considered alongside will and wider estate planning.

• Bare trusts come to an end on death, with assets passing under the will or intestacy
• Other trust structures may reduce urgency but do not remove the need for a will
• Lasting Powers of Attorney or a Deputyship Order are also essential to safeguard the injured person as part of their wider Estate planning

Ensuring that personal wishes are properly documented is a vital part of holistic planning.

 

How Sherrards Can Help

Personal injury trusts require careful coordination between personal injury law, private client expertise, tax and welfare benefits. Early advice can make a significant difference to long-term financial security.

At Sherrards Solicitors LLP, we provide clear, practical advice tailored to each client’s circumstances, working closely with personal injury solicitors, financial advisers and families where appropriate.

 

Speak to a Specialist

If you or a family member have received, or expect to receive, compensation following a personal injury, specialist advice at the right time is crucial.

For tailored advice on personal injury trusts, please contact David Mulholland, or the Private Wealth team. 

When Giorgio Armani passed away at the age of 91 on 4 September 2025, he left more than a fashion legacy,  he left a business strategy baked into his will that provides remarkably clear insight into how even luxury-brands must think about succession, value, independence and long-term vision. Below are just some of the take-aways and lessons for business leaders and advisors, illustrated via his will and the context around it.

Maintain independence, but prepare for institutional evolution

From his career, Armani emphasised independence and control. Yet his will introduces a planned path toward external investment or listing. Specifically, his heirs are instructed to sell an initial 15% stake in the business within 18 months of his death, and then 30-54.9 % more within 3-5 years, or failing that, pursue an IPO.

Independence is valuable, but sustainable independence often means planning for institutional strength or exit options. A business that refuses all outside capital may struggle with scale, generational transition, or building international resilience. Armani’s plan shows that independence can be preserved, but with a built-in mechanism for transition.

Choose the right partners

Armani’s will does not just say “sell the business.” It names preferred buyers: LVMH,  L’Oréal, EssilorLuxottica, or “another group of equal standing.” This goes well beyond what is found on many wills or transition plans, which all say “don’t sell to just anyone.” This defines which kinds of buyers are acceptable, setting operational, cultural and strategic expectation and asking the fundamental question: who can preserve our values, leverage our brand, and maintain continuity?

Preserve the brand’s core identity with a Foundation

Armani established Fondazione Giorgio Armani in 2016 and in his will mandated it must retain at least 30% of the capital and act as a permanent guarantor of compliance with the founding principles.

A brand is more than an asset; it is a set of values, a cultural proposition, a legacy. The foundation model creates a safeguard, no matter how much equity is sold, part of the control stays with the culture-guardians. When orchestrating transitions, business owners should think of the value of guardianship, as well as ownership and how to keep the “why” of the business intact.

Uphold brand values while enabling growth and change

In his will, Armani emphasised that the business should be managed “ethically, with moral integrity and fairness” and continue a design ethos of “essential, modern, elegant and unostentatious style”. This is coupled with a bold capital strategy, but rather than being a contradiction, this shows that value and growth aren’t opposite but must be balanced.

Growth doesn’t have to mean abandonment of values. But when values are explicit, you increase the chance that growth pathways preserve real brand essence rather than dilute it.

Realistic expectations

The sale plan is phased, initial 15% in 18 months, next tranche in 3-5 years. It is gradual, not immediate. That gives time for transition, for integrating culture, for protecting value.

Many business exits or transitions aim for immediate liquidity and quick returns. But fashions change, brands evolve, markets fluctuate. Phased timelines allow stakeholders to adapt, preserve value, and avoid the “panic sell” trap.

Conclusion: A Legacy with Lessons

Giorgio Armani built an empire both stylistically and structurally. By inscribing into his will a thoughtful blend of continuity, capital strategy, brand guardianship, and legacy and succession planning, he created a textbook case of business insight.

In this way, Armani’s will is not just about one brand’s future — it can serve as a strategic template for any business thinking about longevity, legacy and growth.

If you would like to find out more, please contact Francesca Rossi or the Private Wealth Team.

From online banking to Spotify playlists, much of our lives now exist in the digital world. But while most people make careful plans for their physical assets, few stop to consider what happens to their digital ones when they die.

What is a digital asset?

Digital assets are any possessions stored online or on electronic devices. These include obvious items such as cryptocurrency, online bank accounts, and investment platforms, but also less tangible things like photos in cloud storage, social media accounts, gaming profiles and even email archives. Some of them clearly have financial value, others carry deep sentimental worth, but all of them can become issues if not planned for.

Why digital assets are difficult to manage

Executors can face practical hurdles when trying to access a deceased person’s online accounts.

Because of the terms of service for major platforms (like passwords and two-factor authentication) access can sometimes be impossible without prior planning.

In other cases, jurisdiction can also be an issue, particularly if the information is stored overseas or if a person or company’s legal base is outside the UK.

Unfortunately, these barriers mean relatives can find themselves locked out of treasured photos or unable to trace online investments, resulting in frustrating financial gaps in the estate.

Planning for your digital legacy

Simply keeping your online assets in mind when you plan your legacy is already a good start, but if you want to ensure nothing falls through the cracks, there are several things you could do to make it much easier for your executors and loved ones.

Create a digital inventory. Include significant accounts, subscriptions, and directions on where login credentials are stored (but remember not to record any passwords in your Will).

Perhaps name a “digital executor”. Someone who is familiar with technology, already has access to some accounts and can help manage your digital existence.

There are also plenty of online legacy tools available. Some platforms, such as Google’s Inactive Account Manager or Apple’s Legacy Contact feature, allow you to specify who should receive your data after your death.

Conclusion

This is not a question of legal entitlement, but practicality. The majority of digital assets will be captured by standard wording in wills, but ownership does not always equal access.

By just giving some thought to your online presence, you can protect your digital assets and make life much easier for those dealing with your estate.

Alternatively, if you prefer a gamble and want to leave your executors guessing, it would only be fair to use one of the 10 most common passwords! (listed below)

• 123456
• 123456789
• qwerty
• password
• 12345
• qwerty123
• 1q2w3e
• 12345678
• 111111
• 1234567890

This article has been written by Trainee Solicitor, Gabriel Cooke. The article has been overseen by Partner, Francesca Rossi. If you have any questions or contacts, please contact the Private Wealth Department. 

 

 

This recognition places Nicole Marmor among the leading private wealth advisers in the UK and reflects her sustained excellence, technical expertise, and unwavering commitment to client service.

The Private Wealth department at Sherrards has also been recognised in the guide, achieving a Band 2 ranking this year – a testament to the team’s breadth of experience and strength in delivering high-calibre legal advice to high-net-worth individuals and families.

A Chambers and Partners ranking is widely regarded as a mark of excellence within the legal profession. Rankings are based on in-depth independent research, and a Band 1 position signifies the very highest level of achievement in a legal discipline.

Nicole’s ranking was based on the following criteria:

• Technical Legal Ability
• Professional Conduct
• Client Service
• Commercial Astuteness
• Diligence
• Commitment

Nicole commented:

“I’m incredibly proud to be recognised once again in the Chambers High Net-Worth Guide. This ranking not only reflects the trust and confidence our clients place in us, but also the dedication and excellence of the Private Wealth team here at Sherrards. It’s a privilege to work alongside such talented colleagues who consistently go above and beyond. Thank you to everyone who contributed to this recognition – it truly is a team effort.”

A heartfelt thank you to our referees for providing feedback and to the entire Private Wealth team for their continued excellence.

Click here to view the ranking on the Chambers and Partners website.

The Risks of Dying Intestate

Without a valid Will, there are no protective measures in place to safeguard Bear’s inheritance. While he will receive the funds in full when he reaches adulthood, there are no instructions for how those funds should be managed in the meantime, nor is there any structure for long-term protection or guidance.

Had Liam created a Will, he could have:

• Appointed Executors and Trustees to manage the Estate and any ongoing income (such as royalties).
• Named Guardians to care for Bear, if needed.
• Provided for other loved ones, such as a partner, friends or family.
• Set out specific instructions on how and when Bear should benefit from the Estate.

A Surprising Oversight

Given Liam’s profile and wealth, it is likely that he had a team of professional advisers around him—accountants, lawyers, agents, and wealth managers. It is surprising that a Will was not in place, particularly given his personal circumstances: substantial assets and a young child from a previous relationship.

Of course, he may have received advice and simply delayed acting on it. But the consequences of that delay are now significant. There is no plan in place for future income streams from Liam’s music career, no provision for his bereaved partner or wider family, and no control over how Bear’s inheritance will be used.

Why This Matters to Everyone

While this case has gained media attention due to Liam’s fame, it highlights a much broader issue. More than 56% of adults in the UK still do not have a will in place. Many assume they don’t need one, or believe their affairs are simple. But the reality is that dying without a Will removes any control you have over what happens after your death.

Protecting Your Legacy

A valid will is not just a legal document—it’s a way to take control of your legacy. It ensures your wishes are honoured, your loved ones are provided for, and your affairs are handled by people you trust.

No matter your age, wealth or circumstances, don’t leave things to chance. Take advice, act now, and protect what matters most.

If you’d like help preparing or reviewing a Will, our Private Wealth team at Sherrards is here to guide you.

📧 law@sherrards.com

Reflecting on his instructions for his assets, which he left on his phone, he said “that first night I wrote a Will, I thought I was going to die”. 

Although the act of documenting his last wishes, during this traumatic life event, will be understandable to many, it is important to outline that Max’s iPhone Will would not have been a legally binding Will.  Although digital text is technically writing, to have been considered a valid Will, a physical document signed by him and witnesses would have been required.  This will be a surprise for many given our reliance on phones in this digital age. 

The Law Commission is considering the current legislation and whether electronic Wills should be recognised.  However, until any changes take effect, it is essential that a Will is on paper to be legally binding.

Requirements for making a valid Will 

Wills are primarily governed by the Wills Act 1837. Under section 9, no Will is valid unless:

• it is in writing,
• signed by the testator, or by some other person in their presence and by their direction;
• with the intention of giving effect to the Will;
• Signed in the presence of two witnesses, who are also in the presence of the testator. 

 

You should also be aware that if you need to prepare a Will in another country, for example if you own assets abroad, the requirements for making a valid Will there are likely to be different to the UK requirements.

Implications for an Invalid Will

Following a death where there is no valid Will in place, your estate would pass under the Intestacy Rules, whereby the law will determine who will inherit your estate.  This may result in your assets not passing to those you would wish to benefit, for example, as in Max’s case, long-term partners who are not married to the deceased would not automatically inherit under an intestacy. 

How can Sherrards assist you with your Will 

Max’s story highlights how important it is to ensure you have a valid Will in place.  To avoid being left without a Will, and your wishes not taking effect on your death, we encourage you to contact us at Sherrards.  By consulting with one of our Private Wealth experts, we will assist you in creating a valid Will, specific to your personal circumstances, which will provide security for your loved ones.  

 

If you would like advice on preparing your Will or have questions about the validity of your existing arrangements, our dedicated Private Wealth team at Sherrards is here to help.