The remarkable legacy left behind by Sir Ken Dodd

Sir Ken Dodd OBE passed away on the 11th of March 2018, leaving behind an incredible legacy. The comedy king of one liners had a career lasting over 60 years, residing in Knotty Ash in Liverpool for his entire life. He had died in the same place he was born, his family home.

Unfortunately, Sir Ken Dodd passed just two days after the marriage to his partner of 40 years, Anne Jones. Anne has told the press: “I’ve had the supreme joy and privilege of working and living with him as a partner for the past 40 years. The world has lost a most life-enhancing brilliant creative comedian with an operatically-trained voice who just wanted to make people happy.”

The passing of “the last great music hall entertainer”, as described by many, raises the question: how does the late in life marriage impact the legacy that he’s leaving behind for his loved ones?

Ken and Anne’s marriage will indeed impact the amount of Inheritance Tax due from the estate. Inheritance Tax (IHT) is a tax on a deceased person’s estate when the value of the estate is above the £325,000 threshold. The estate includes any property, money and possessions. However, if everything is left to a spouse or civil partner, a charity or a community amateur sports club then there’s normally no Inheritance Tax to pay.

Sir Ken Dodd’s legacy is estimated to be worth £7.2 million and if he has stated that he wishes to leave everything to his wife in his Will, then his entire fortune will be exempt from Inheritance Tax and will pass to his wife. If the couple had not married

before his death, the estate could have paid up to a staggering £2 million in Inheritance Tax bills

 

For more details on Inheritance Tax, please contact us on 01793 433705 or email info@farsightwills.com

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