If you die without a will then your estate (all your belongings upon death) would be distributed according to the rules of Intestacy. This means that there could be potential beneficiaries who don’t get anything from your estate at death. Kim has an estimated estate of $175,000,000 which makes her one of the richest reality stars of all time
As Kim Kardashian is married to Kanye West he would be the first person entitled to the estate. If they had no children, then he would receive absolutely everything. If they were married in the UK it would mean they could make life time transfers to avoid any inheritance tax as spouses can transfer all their assets to their partner tax free. If the whole estate was to be taxed in the UK they could face an Inheritance tax bill of approximately $70,000,000!
However, as they have North, Saint and Chicago the distribution of assets would be different. Kanye would receive personal possessions, the first £250,000 together with interest on that amount from the date of death; and one half of everything that remains. The children would receive the other half of anything that remains.
If Kanye was to die leaving Kim widowed before her own death, then the children would receive everything shared equally.
If the children were all dead at her time of death or if she had never had children, then her assets would go in full to all living parents. This would mean that Robert Kardashian and Kris Jenner would receive half of Kim’s estate each.
If all of the above were not alive or had disappeared beyond trace then Kim’s siblings Kourtney, Khloe and Rob would be entitled to the estate split equally between them. If there were no full siblings, then the estate would be split between her half siblings Kylie and Kendall
If these descendants were not available then the estate would go to her Grandparents if they were alive, and following this to aunts and uncles and if there was nobody related to Kim still alive then her vast estate would go to the Crown if she was a UK Citizen.
Having a will or a trust gives the Testator (person who is making the will) the option to split their estate as they wish. Kim may want Kylie and Kendall to benefit from her estate after death but through the rules of Intestacy they would receive nothing at all.
If you want to ensure your estate is distributed the way you want it to be, then call our team of experts at the SWW Trust Corporation on 01522 581570 for a chat on how we can help protect your assets