The will of a lottery millionaire has been published following his death at the end of 2019. That’s right, a will becomes a public document on death which is not something most people may want.
Colin Weir and his wife Chris won £161 million in 2011. Colin, who was 71 at the time of his death, was from Largs in North Ayrshire. The prize was one of the biggest ever in the Euromillions lottery at the time. Colin Weir had formerly worked as an STV television cameraman and left two adult children.
Spending a Euromillions win
Weir invested money for his future as well as that of his family, buying a home for himself and a jointly owned property worth £3.5 million that he later transferred to his wife after they separated.
He set up a charitable foundation, the Weir Charitable Trust, which supports Scottish-based community groups and small charities to provide services and help the Scottish community in the areas of sport, recreational facilities, animal welfare, health and culture. A local artist was sponsored to complete a course at the Florence Academy of Art, the National Sports Training Centre at Inverclyde received funding and Haylie House Residential Care Home were given money.
Other local causes that benefitted from the Weirs’ win included the Largs Thistle Community Club, who were given a new 3G pitch and Largs Thistle Football Club, who made him honorary president.
He bought 55 per cent of Scottish League Division 1 team Partick Thistle, with the intention of donating the share to fans and he helped to set up the Thistle Weir Youth Academy.
The Weirs made a £1 million donation to the Yes campaign for Scottish independence ahead of the 2014 referendum, with both Nicola Sturgeon and Alex Salmond paying tribute to him on his death.
Investments included a £12 million share portfolio, £3.5 million in assets held on the Isle of Man, part-ownership of three racehorses and a £1.1 million seafront home in Ayr.
Possessions included four cars – a vintage Bentley Arnage worth £10,000, a Jaguar SUV work £28,250, a Mercedes estate worth £24,000 and a Mercedes people carrier worth £35,000. He also owned artworks, jewellery and furniture.
In the relatively short time between winning the jackpot and his death, Weir spread his money between family, friends, politics and charity, as well as investing in a diverse portfolio.
Leaving a legacy in a Will
For those of more modest means, leaving a legacy in a Will is a good way of supporting a favourite clause.
By leaving a Will, you can ensure that your estate passes to your chosen beneficiaries. There is also a reduced chance of disputes between family members if a clear will is left. For wealthier families and/or where privacy, and third party threats are a concern, it’s pivotal into incorporate specialists trusts as part of any planning.
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