Happy Wednesday. Aretha Franklin passed away last Thursday at age of 76 after a long battle with pancreatic cancer. She was an American music icon and it is estimated that her estate is worth approximately $80 Million. She was unmarried, leaves behind four children and four grandchildren, and the craziest part, she has no estate plan.
Franklin’s entertainment attorney claims he attempted to have her sign a will and a trust for years, and she delayed the matter. Even throughout her bout with cancer she failed to put her trust into place. Now, the estate will be divided amongst her children equally. The judge will have no choice but to ascertain the value of her estate and make sure that there is an equal division between her children. The complications arise with the number of assets, royalties, and future fortune. Moreover, all of her finances will become a part of the public record. Now, Franklin’s family is stuck dealing with the courts and this process is going to take quite a bit of time and money.
No, you may not be Aretha Franklin, and you may not be worth $80 million dollars, but if you want to make sure that you choose where you assets are going and who is going to manage that process, then it’s a necessity to have a proper estate plan in place. You or the courts, the choice if yours. Please contact us today is you want to be one in charge.