August 24, 2018

Aretha Franklin died without a will. Do you have a valid up-to-date will?

You may not have assets worth $80 million but you still need a will to avoid probate and make life easier for your heirs.
Her four sons face a complicated estate settlement process plus having to pay federal estate taxes (good for all the rest of us). See: https://www.wealthmanagement.com/estate-planning/aretha-franklin-died-without-will
To die without a will is to die "intestate" which means your state legislature has decided for you how your assets will be distributed. Is that what you want? As Michelle Singletary wrote in The Washington Post, when heirs end up in extended legal proceedings, it exacts a substantial financial cost. Singletary concludes:
"So, let me ask you one question: Do you love your children/family?
Because if you care about their well-being, and you want to minimize the drama after you die, you need a will. Tomorrow isn't promised."

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