Posted on 08/31/2018 7:51:37 AM PDT by SeekAndFind
Aretha Franklin, Queen of Soul, will be laid to rest Friday in Detroit. She left behind a glorious legacy of music and inspiration. What she did not leave behind was a will detailing her wishes for her assets. By not writing a will, she triggered a process in which her property and money will go through probate.
And that's a lot of property and money. Her estate is worth over $80 million, according to gobankingrates.com. It will have to go through the potentially expensive and time-consuming bottleneck that probate court can be on its way to being divided among Franklin's four children.
But probate is not a problem just for the rich and famous. Writing a will is just as important for middle-income and moderately wealthy people. Without a will, your assets will get dished out according to state rules, which may not jibe with your desires. And the process will eat up time and money.
"Two of the biggest drawbacks to dying without a will are the costs and potential lack of following one's true wishes," said Jeff Carbone, co-founder and managing partner of Cornerstone Financial Partners in Charlotte, N.C.
Frank Moscardini, a partner in Shimanovsky & Moscardini in Chicago, said, "A will often eliminates confusion amongst your family by spelling out your wishes."
And probate is common, with 50% of all U.S. estates going that route, which the estate of Aretha Franklin now is poised to navigate.
Basically, only assets that were jointly owned with someone else and assets dished out to financial account beneficiaries will likely escape those delays and expenses.
(Excerpt) Read more at investors.com ...
Prince also died without a will, I believe.
Is this a “Black thing”? I have a will — is that part of my White Privilege?
If this goes as some others have, her kin will fight over the estate until there is nothing left and the lawyers have it all.
RE: Is this a “Black thing”?
Many people are not educated on America’s TAX LAWS. I can understand why — THEY KEEP CHANGING DEPENDING ON WHO IS IN CHARGE OF CONGRESS.
Why would ordinary busy Americans (regardless of race) bother with trying to catch up with eve changing laws that reward or punish certain behavior?
While my beloved and I are small savers we still have a will set in place. The last thing I want is for any government official taking ANY part of my estate for whatever they deem it to be used for especially in this day and age. I have encouraged people for decades to have set up both Will and Medical Power of Attorney. During the Shavio incident in Florida both my beloved and I were appalled at Gov Bush’s direct underlying contribution to her death and we were darned well sure not going to have that happen to either one of us. We’re in Texas and we still have no trust in that part of the Texas law...too many ifs and buts in the system. Back to Wills... We want our monies/land to go to who we choose, not to be whittled down and dispersed by a Government Drone.
Holy cow, no will, no beneficiaries listed as Transfer on Death?
Who the heck was running her affairs? Banks, Brokerage firms?
I’ve worked in finance for 26 yrs and every client I have has the entire estate set up. I don’t even get paid for that, but it’s my DUTY.
The IRS and the lawyers are going to have a field day.
If you aren’t of substantial means, it’s still plenty easy to list beneficiaries on your financial assets. Commonplace of course to have beneficiaries listed on insurance policies, annuities and IRA accounts. But you can also list TOD, transfer on death for your bank accounts, savings accounts, investments. You can’t TOD a house, physical assets, but most people’s net worth is in liquid type assets.
Furthermore, beneficiary designations and transfer on death are senior in rights to a written will. AND, requires NO probate.
If you inherit via bene or tod, all you need is a death cert and a valid form of identification! Easy peasy...
Every half blood of hers is indeed going to find a lawyer and claim their fair share... and neighbor.....childhood friend....taxi driver.....former lovers....
Yup, a lawyer paradise! Hey, at least the expenses will deduct from the IRS take!
If this goes as some others have, her kin will fight over the estate until there is nothing left and the lawyers have it all.
I’m sure the mooching relatives have already started. Every family has one.
I have exactly 3 items of value.
My grandmother’s ring.
My aging and rapidly depreciating Harley.
My Les Paul.
I have three sisters.
There ya go. Have fun.
Miss Franklin was not very good at managing her wealth. 5 or so years ago, after decades of success, she almost filed bankruptcy. There were dozens upon dozens in her “staff” sucking money out of her.
My wife is one of 10 children. Her parents died without a will leaving the siblings to fight over the fate of their valuable house. It has split the siblings into two warring factions that refuse to talk to each other, making lawyers rich. This is in another country and my wife and I mostly stay out of it but it’s sad to see what failing to have a will can do to a family.
You can in WA state. We just recorded TOD deeds on all our properties.
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She had Pancreatic Cancer for 7 years.
What the hell was she thinking?
She had Pancreatic Cancer for 7 years.
What the hell was she thinking?
my parents had a will and my sisters fought anyways. People that wanna fight are gonna fight.
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