Aretha Franklin Estate Shows Perils of Not Having a Buttoned Up Will
Category: Estate Planning
July 20, 2023 — Just about everyone knows that not having a will is a really bad idea. But still, about 60% of Americans either don’t have one or have no estate planning. But almost as bad as not having a formal will is having more than one, or not having it designed by a professional and signed in the presence of witnesses. That is the case in the Aretha Franklin estate case, which was decided by a jury last week.
Franklin’s estate was reportedly worth $80 million when she died in 2018. But last week its value was estimated to be about $6 million (plus song royalties, etc.). Where did all that money go – it went to expenses, taxes, and lawyers trying to figure out how the estate should be settled among her 4 sons.
Comments on "Aretha Franklin Estate Shows Perils of Not Having a Buttoned Up Will"
LS says:
Yes, we have a will and a medical power of attorney. A point of clarification. Having a will does not prevent an estate from going into probate but it does make the process smoother. Only accounts that have a designated beneficiary can avoid going through probate.
Admin says:
Thanks for that clarification LS!
Yolande says:
Hmmm, this sounds messy and scary. One thing I'd never want is kids valuing my estate more than they miss me. Alas money changes people. Prince didn't have one either. I don't understand rich people not having wills. They get prenups but no wills. Interesting. What disaster. I have a living will. I want to update it. I also have a medical POA & what not to do if I'm incapacitated. I need to update that as well. My executor is older than I am & may pass before me. I have to add a friend to it but need to talk to a professional for sure. I want to make sure my remains & estate, whatever that may amount to is handled properly. It's best to be prepared. Tomorrow is not promised to anyone.