Probate: Why Writing A Will Is Important — Avoiding Aretha Franklin's Estate Fate

IBD ^ | 08/31/2018 | Paul Katzeff

[Ouderkirk]

I think that in the case of Prince and Aretha Franklin, it was easier for them to let the court decide who gets what. That way any hurt feelings are the courts’ problem, not hers.

More than likely it would have ended up in court anyway.

[metmom]

My best friend lost about 90% of her estate to a greedy sister.

I think they did have a will, too, but the sister challenged everything and the defense for the challenges came out of the estate until there was nothing left.

And they could have had a decent settlement each.

[cynicalman]

“Two of the biggest drawbacks to dying without a will are the costs and potential lack of following one’s true wishes,”

NOT true in PA, die with or without a Will the cost is the same. Albeit it may not be your true wishes.

there can always be fights among heirs. But in her case her children are her intestate heirs. nothing to fight over in terms of who are the beneficiaries. Unlike in the Prince case where everyone could claim being a child of Prince

TOD and named beneficiaries is not always the answer.

[aspasia]

It's good that a number of states allow you to designate a beneficiary for your real estate. It's called a Transfer-on-Death (Beneficiary) Deed.

[blu]

My mom put her house in a lady bird deed. Too many kids to make it go smoothly, but she tried and we settled it without lawyers. I”m now on a 2 year break from the sister that cried her way to a bargain basement sale of the house.

I put my house in a lady bird deed also. I did that right after the cancer diagnosis. Now when stuff is done around my house by our boys, I let them make the decisions...we laughinly refer to decisions needing to be made by “current homeowner (me)’ and “future homeowners (them). It’s a big relief. Best part is, I did it myself, all I had to pay were filing fees at the registrar’s office.

[trebb]

Do some of these ‘mega-stars’ have some loose screws or are they just getting back at families they never liked?

[Professional]

Really? Is that new? Previously you couldn’t. Thanks for letting me know.

[patriot08]

Does anyone know if it's true that you don't need a lawyer to make out your will in Texas? I've heard a Texas will is legal as long as it is written out in your hand and signed by same.

[AppyPappy]

There is no reason to have a will if you are never going to die. That’s why some people don’t have wills. It’s like begging death to come to your door.
I know several people who think like this.

[Jane Long]

And witnessed. Also wouldn’t hurt to have it notarized.

[DeFault User]

I always liked the short will the old codger left,

Being of sound mind, I spent it all...

[noexcuses]

Yes I think it has been only a couple of years that one could do the TOD for property in WA. Sure makes estate planning much easier!

[Professional]

Do you know if they included vehicles for TOD in State of Washington?

[aimhigh]

I had a relative of my wife living with us. Died suddenly, no will. All her bills were received electronically, and we didn’t have the password to her PC. Messy.

[JoeFromSidney]

Both my wife and I were widowed. Her late husband had a will. My late wife had a will. One of the first orders of business after we got married was to update our wills to reflect our new status. If you don’t have a will, don’t lose any more time Get one made out. See a lawyer to make sure it meets the legal requirements in your state. Saves no end of trouble later.

[Cloverfarm]

We wrote our will when we had little kiddo’s, to designate guardians and trustees for them. They were and still are the real treasures to be cared for if something dire happened to both of us.

[Cecily]

[patriot08]

I always liked the short will the old codger left,
Being of sound mind, I spent it all...

_______________________

Funny!

[patriot08]

Thank you, Jane.