When the undisputed “Queen of Soul” Aretha Franklin died earlier this year after a short illness, the music world was in mourning. Over a career that spanned decades, Franklin amassed hit after hit and a considerable fortune along the way.
As Franklin’s career blossomed over the years with her bank account growing and growing, she was regularly encouraged by her numerous advisors to address her estate planning shortcomings by writing a Will and creating some tax-efficient trusts. Time and time again Franklin acknowledged the need to get her affairs in order but somehow never found the time to do so.
Fast forward to 2018 and the end result is that Franklin died intestate. The implications of this will be:
- It is expected that song writers, personal assistants and other ancillary associates of Franklin’s may use the intestacy as an excuse to make claims on her estate, unnecessarily prolonging the administration process. Numerous other people may yet come out of the woodwork to make claims, delaying matters further still.
- Franklin’s four sons will not receive closure following the loss of their late mother, nor their share of her estate, until everything has been resolved.
- Given its size and complexity, it has been estimated that it could be years before the administration of Franklin’s estate is complete.
- The absence of a Will means that an entirely avoidable tax bill and administrative expenses, expected to run in to millions of dollars, will have to be deducted from the estate before any beneficiaries receive a penny.
- The administration of Franklin’s estate, which would have been a privately conducted process had a Will been in place, will now be a very public affair due to the intestacy.
- Who will receive the ongoing royalties? A Will would have resolved this.
Since 2005 Casey & Associates has helped thousands of people to avoid the unnecessary perils and expense of intestacy by efficiently addressing their estate planning requirements and helping put their affairs in order.
If you’d like to receive a free, no-obligation review of your estate planning requirements contact us today by calling 01732 868190 or click here.