Reports have surfaced this week following the death of the legendary singer and songwriter Aretha Franklin. Ms. Franklin's estate is reportedly worth $80 million, a nice hefty chunk of change. Despite the large amount of assets that Franklin has obtained throughout her lifetime, she died intestate, or plainly put... Without a will.
What does that mean? Essentially it means that Ms. Franklin's estate will be administered according to the laws of her state of residence and not necessarily the way she would choose had she had a will. Every state has laws of intestate which essentially provides the guidelines that for how a decedent's estate will be administered. That means that dying without a will is giving the state the say-so in deciding how everything, and I mean EVERYTHING, that you have worked for, may be given to heirs you prefer not to.
Why should you care? The adage goes "Failing to plan is planning to fail" As cliché as it may be, it has some very real and telling truths. Why spend your whole life working, building, investing, and essentially, creating the lives we want to, just to let someone else decide that the estranged sibling they ever talk to gets everything their blood, sweat, and tears to time to create?
What about your family? Sometimes the unexpected happens. We plan to be with our children forever however should we leave minor or incompetent children, who will have guardianship over or children? Who will provide for them? Has a trust been created in the event something does happen? These are issues that can be addressed before, if ever, it is needed with the creation of the will.
What happens to your business? What if you are the unmarried, entrepreneur with no spouse and no children and no siblings? In majority of states, if you have no heirs, everything goes to the state. How ideal is that?
In essence, taking the time to meet with an attorney for estate planning can be extremely beneficial to yourself and your loved ones. No one likes to think about the inevitable. A few minutes of your time can save your loved ones from family fallouts, fights, and unnecessary disputes in the long run.
Whether it's $80 or $80 Million like Ms. Franklin, It’s YOURS. YOU should get to decide what happens to your estate, NOT the state.
Contact Browning Legal Group, LLC today at (610) 566-1213. Our office can assist with your estate planning needs.
