Franklin may have neglected her estate planning.
Aretha Franklin was a gifted artist.
Her music was masterful.
Unfortunately, her estate planning may have been less so.
According to a recent CBS.com article titled “Report: Aretha Franklin left no will,” Franklin may have left no last will and testament regarding her estate.
Her sons and her attorney recently filed a document with the Oakland County Probate Court in Michigan.
That court filing noted the absence of a will for the estate.
Why did Franklin fail to create a will?
The answer remains a mystery.
Her entertainment lawyer had advised her to create a trust to help expedite the process and keep her affairs private.
She did nothing.
Now she has died intestate.
So, what now?
The Franklin estate will be divided according to the laws of the state and all information will be available to the public.
Who will likely get her money?
In Michigan, the assets of an unmarried individual will be divided equally among the children.
Creditors will be able to bring claims against the estate.
Dying intestate is not ideal.
Do not procrastinate.
Work with an experienced estate planning attorney to create a will.
Reference: CBS.com (August 22, 2018) “Report: Aretha Franklin left no will”