It's been five weeks since Ozzy Osbourne died of a cardiac arrest at his home in the UK, leaving behind his wife Sharon Osbourne and his six children, Jessica, Elliot, Aimee, Kelly, Jack, and Louis. The family held a two-part funeral, with a public procession on 30 July and a private ceremony on 31 July, and now their attention would have turned to the lengthy probate process, where Ozzy's financial estate is analysed and divided appropriately. We speak to Gideon Alper, estate planning attorney at Alper Law, who explains why Ozzy's situation is particularly complex and could see the family missing out on thousands.
At the time of his death, Ozzy is believed to have owned two homes, one in the US and one in the UK, and this is one of the reasons that could complicate matters. There's an eight-bedroom one in Hancock Park in Los Angeles and a sprawling estate in Buckinghamshire. "Ozzy lived in both Birmingham and Beverly Hills - which means two governments could be lining up for a share of his fortune," says Gideon.
So how much of Ozzy's fortune could be snapped up by the governments in taxes? Gideon explains: "In the U.S., estates worth more than $14 million face federal estate tax. In the UK, inheritance tax can hit 40 per cent once you’re above £375,000. Without airtight planning, that's tens of millions gone before the family sees a penny."
Celebrity probate cases often roll on for years, Gideon explains, however, there could be a quicker way out. "If Ozzy's assets were left in trust, his family could inherit faster and privately," he says.
Who will get a share of Ozzy's fortune?
There has been a flurry of reports about Ozzy's will since the day he died, claiming that his wife Sharon and their four children will be dividing the bulk of Ozzy's fortune between them, but with other children in the mix too, they could well be entitled to a payout.
Adam Jones, a family legal specialist from HD Claims, explains that Ozzy's blended family could cause a stir if they aren't happy with how things go. "If even one of Ozzy's older children feels left out or short-changed, it could trigger a full legal challenge," he said. And this could, therefore, mean an even longer process.
What Sharon has said about the inheritance
Sharon has spoken out about her husband's estate and her own inheritance plans prior to his death, during a chat on The Talk in 2020. She said: "I just know that my husband's body of work, that he's written, and kept us all in the lifestyle that we love, goes to my children. I don't want someone that never met my husband owning his name and likeness and selling T-shirts everywhere and whatever. No, it stays in the Osbourne family."