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Aretha Franklin Had No Estate Plan!?

The Queen of Soul, Aretha Franklin, died peacefully surrounded by her family and friends on August 16, 2018, after battling pancreatic cancer for more than two years.

Saddened as we were by the death of Aretha Franklin, we were shocked to learn that despite her sizable estate of more the $80 million, she had absolutely no estate plan in place.

Although it is true that more than 55% of Americans have done nothing to plan for their death or disability, we are always surprised when a wealthy senior dies without having done any estate planning knowing as we do that lack of planning will likely mean costly court battles over the disposition of many millions of dollars.  The administration of Ms. Franklin’s estate will be especially complex given the royalty revenue that will outlive her.

Aretha Franklin had a ‘family attorney’, Donald Wilson, with whom she had a 28-year professional relationship.  Mr. Wilson offered many times to create a trust for Ms. Franklin and although she was not adverse to the idea, her attorney related in a recent interview that she just never actually got around to doing the planning.  That tendency to procrastinate is exactly why more of us do not have this vital planning.

While Ms. Franklin did neglect to provide any legal indication of where, how, and when her millions should be dispersed, the state of Michigan knows exactly to whom those assets will go; its call dying intestate, and each state of the union has its own idea of who will inherit if you fail to plan.  In fact, Ms. Franklin four sons, Clarence Franklin, Edward Franklin, Kecalf Franklin, and Ted White Jr, will divide their mother’s assets equally in the absence of a will.

References: ET by Elizabeth Stanton, September 3, 2018 “Aretha Franklin’s Lawyer Explains Why Singer Did Not Have a Will at Time of Her Death

 

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.