Aretha Franklin, the Queen of Soul, left behind four sons, but no will, when she died from pancreatic cancer last week.
As a result, assets of the 76-year-old, well known for her strong voice and hits like “Respect” and “I Say a Little Prayer,” will become public in Oakland County Probate Court. In Michigan, where the singer lived and died, estate laws dictate her assets be divided equally among her four children, TMZ reported. Her niece, Sabrina Owens, also asked the court to appoint her as a representative of the estate, reports show.
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Don Wilson, an attorney who worked with Franklin for years, had urged her to create a will or trust, he told the Detroit Free Press, saying these documents would have made the estate process seamless and private (estate files are made public during the probate process). Her net worth was roughly $80 million, various reports suggest.
“It is so important for people to plan for the end of life because if they don’t plan for it, someone else will dictate how their assets are distributed,” said Cindy Kuppens, a senior adviser and chief compliance officer at O’Brien Wealth Partners in Boston.
Franklin is among the many Americans who do not have a will. Only four in 10 U.S. adults have wills, and just slightly more than a third of parents with children under 18 have wills, according to a 2018 survey by Caring.com, a senior caregiving online resource. Why haven’t these adults drafted such important documents? Almost half said they just haven’t gotten around to it, and 29% said they don’t have enough assets to leave anyone.
While not everyone without a will may have made as much as Franklin did in her lifetime, these documents are still crucial — especially when a family or home is involved. Not only do wills direct the court in dividing assets, but also other significant details, such as who to name as guardian of minor children or what meaningful items to leave to whom. “You want to eliminate the possibility of confusion or disagreement after death,” Kuppens said. Whatever money is involved may also be taxed or face state fees if it has to go through probate court and depending on how much the estate is worth.
Women in particular should weigh the necessity of a will, not just by drafting one for themselves, but ensuring others have proper documents in place too. Some 80% of men die married but 80% of women die single, according to the Women’s Institute for a Secure Retirement, and that means managing money solo. Women are also more likely to live near or in poverty during their retirement years, a 2016 National Institute on Retirement Security report found. Along with managing their own money, or hiring a reputable adviser to do so, women should create important documents, such as a will, trust or power of attorney, and gather sensitive information, including passwords, contact information for doctors and lawyers, and insurance plans, for themselves or their loved ones in the case of an emergency.
Also see: This is the most important person to remember in your estate plan
Creating a will may cost as little as few hundred dollars or more than $1,000, depending on how complicated they become. People can write their own wills, but courts may not accept them because of illegitimate legal language or missing key information. Individuals can ask attorneys to draft and retain wills, or use software or apps to streamline the process.
Creating a will may cost as little as few hundred dollars or more than $1,000, depending on how complicated they become. People can write their own wills, but courts may not accept them because of illegitimate legal language or missing key information. Individuals can ask attorneys to draft and retain wills, or use software or apps to streamline the process.
Source : MTV
