Cheryl Cole wants to delay Liam Payne's son Bear's access to his $30M estate to 'protect' him
LOS ANGELES, CALIFORNIA: Cheryl Tweedy is reportedly taking action to ensure her late ex-partner Liam Payne’s $30 million estate doesn’t reach their eight-year-old son, Bear, too soon.
Following the 'One Direction' star’s tragic death last year in Argentina, legal documents confirmed that Payne died intestate without a will. Now, Cheryl, who has been granted control of Payne’s estate, is said to be consulting with trustees to delay Bear’s inheritance until he is at least 25, reports The Daily Mail.
Liam Payne's ex Cheryl Cole seeks to delay inheritance to instill values in son Bear
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Sources close to Cheryl revealed her decision is rooted in wanting Bear to grow up with ambition and perspective.
“She feels she wants Bear to be of an age where he can make informed decisions about the money,” a source said.
“She wants him to still have ambition and the drive to succeed without the back-up of the money and she's aware that people may want to befriend him because they are aware of his situation.”
According to insiders, the 'Girls Aloud' star has been consulting with trustees and ultimately chose to have her late partner’s fortune placed in a trust for their son, ensuring it's protected until he's old enough to responsibly manage it.
Those close to the former 'X Factor' judge also noted that Liam’s $30 million estate could be cut in half by inheritance tax, potentially leaving around $15 million for their child.
Calling it “still an incredible amount of money,” sources shared, “Cheryl wants to do everything she can to protect Bear and make sure the money comes to him when the time is right.”
Renowned music lawyer Richard Bray was also appointed to manage Payne’s estate.
According to the Daily Mail’s Katie Hind, Liam Payne had thoughtfully mapped out his son’s financial future well in advance, putting money into smart investments like a Buckinghamshire mansion.
Friends shared that the 'One Direction' star had made sure, years ago, that his wealth would be secured for his only child if anything were to happen to him.
A friend of the late singer shared with the Mail that “Liam had some very sensible people around him for a time and he adored Bear so much. He always wanted to do the right thing by him financially. It is a small consolation that Bear will never want for anything, that he will at least benefit from that.”
Kate Cassidy may receive nothing from Liam Payne’s estate
Payne’s girlfriend at the time of his death, Kate Cassidy, may receive nothing unless she files a legal claim for financial provision. Cassidy, 26, reportedly received a monthly allowance from Payne and had spoken of marriage plans.
Under UK inheritance law, she could potentially lodge a claim within six months if she can prove financial dependency.
A friend close to Cassidy shared with MailOnline that she’s always had clarity about her priorities, saying, “It was never about the money for Kate. She loved Liam through thick and thin and she wouldn't have it any other way than Bear being the main beneficiary from his father's will.”
Meanwhile, Payne’s family and fans have found comfort in a charitable legacy, with more than $41,242.40 raised for Great Ormond Street Hospital in his name following his death.
