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.
The problem is that 2 wills were discovered. One was found in a locked safe and dated 2010, another was found in a sofa, dated 2014. The latter was not witnessed, had handwritten scribbles, and was signed with a happy face emoji. The jury decided to go with the most recent will, which allocated more of her assets to son Kecalf Franklin.
In our opinion it is not only not fair to die without a will, but an expensive mistake too. If you have no will your estate will go into probate to be distributed according to state law. That will be an expensive and time consuming process, meaning your heirs will get significantly less than they should. Also, you might not be giving your assets to the people you want to in the amounts you would prefer. Mean old cousin Tim could get some, but your sweet friend Alice who helped you battle cancer gets nothing.
Our advice
Talk with your partner about how you want to distribute your estate. Then hire a professional who specializes in wills and estates. Use someone with good referrals that you feel comfortable with. Get it witnessed and store it somewhere safe (not your favorite sofa!) If you decide to change it, destroy the old copies. Sure, you can get a will on the Internet, but it might not be much good. Another issue that wills can help with is heirs who need special help. Perhaps they have special needs that require more money or attention. Or they have a substance abuse problem. An expert can help you plan for this. The Complete Idiot’s Guide to Wills and Estates might be useful as a starting point .
Comments? Have you done your estate planning and do you have a will? Or, are you just putting it off? Please share your thoughts in the Comments section below.
For further reading:
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.