Let’s hope the entire family wholeheartedly agrees that her son is the obvious heir of the estate.She had 4 sons, and an estimated net worth of $80-100 million. Michigan law states the estate would be divided equally amongst them if she had no will. Of course, creditors may come out of the woodwork on this one. Ike Turner's estate is still being litigated 11 years after his death.
While alive, people have the choice of preparing a will of their own, including creating a trust to assume management of designated assets of the deceased. The following is a simplified explanation.
When an individual does not have a personal will prepared that dictates how the net worth and particular assets of the deceased are to be distributed, then they have the “will” that the state legislature has written for those who do not, for whatever reason, taken the time to personally put a will in their own handwriting or have an attorney prepare the will for them.
The individual states have prepared their state will for deceased folks, citizens, who have not prepared their own will, to make sure that TAXES are paid, that DEBT is paid and that the LEGITIMATE HEIRS receive their proper share of the distributed estate after taxes and debt is paid by the ADMINISTRATOR of the estate.
So, people have a choice as to how their stuff can be distributed upon their demise. They can arrange to have their own personal will or have the state legislature prepared will executed on their behalf. It’s that way in al 57 states. BOH said so...grin...
What choice have YOU made? Your own will or the one prepared by your state legislature? It is one or the other for all of us. Mrs. Franklin’s estate will be disposed of in accordance with the will of the state. After taxes and debt are paid, her legal heirs will receive their legal share of what is left. A simplified explanation...
No one dies without a will... you have your own or the one written for you by your state legislature. Take your choice...
Let’s hope the entire family wholeheartedly agrees that her son is the obvious heir of the estate. Or maybe she’d already had trusts set up for her heirs. Or maybe not.
The mentality of every relative, ex-business associate, and family acquaintence will be to "get mine." Count on it.
I read an article a few years ago about a financial manager whose clients were mostly black athletes in professional sports. He didn't want his real name used. He said that his most challenging hurdle was trying to convince his young clients to resist the calls from family and extended family to "share the wealth." One athlete said minutes after signing his professional contract that his momma demanded he buy her a $2.8 million condo in Miami.
The smart ones listened to him. For every relative who hit him up for money, the athlete was instructed to have them call the financial manager. When the relatives did so, they were infuriated, because the manager would established a payment system to pay the money back. He said the relatives would toss insults, profanity, and even physical threats over the phone.