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Important Lessons from Aretha Franklin Estate Battle!🎶

Important Lessons from Aretha Franklin Estate Battle!🎶

July 17, 2023

📢 Important Lessons from Aretha Franklin Estate Battle! 🎶


🔑 Key Points:

Aretha Franklin's estate battle highlights the importance of having a proper will.
A Michigan jury validated a 2014 handwritten will found under a couch cushion.
Everyone should have a will or trust to ensure their property goes where they want.
Without a will, state law determines the distribution of assets.
Handwritten wills, known as holographic wills, are valid in certain states like Michigan.

💡 What You Need to Know:

A will details your wishes for property and assets after death.
It appoints an executor and can name guardians for minor children.
Dying without a will means dying intestate, with state laws determining asset distribution.
Aretha Franklin had two handwritten wills found after her death from pancreatic cancer in 2018.
Her sons disagreed over which will govern the estate.

📜 Why Having a Will Matters:

The 2014 will gave different instructions regarding the main home's ownership and income sharing.
Handwritten wills must meet specific criteria to be valid.
More recent will usually take precedence.
DIY wills are risky and can lead to legal disputes.

🚫 Limitations of a Will:

Beneficiary designations on retirement accounts can supersede a will.
Joint tenancy ownership can override will instructions.

🔒 Protecting Privacy:

Estate plans can be kept private by using a trust instead of a will.
Trusts allow you to avoid probate court and keep details confidential.

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