Famous or not, here’s why you should have a will
Putting an estate plan in place helps your loved ones during what is already a difficult time — and keeps the courts from deciding where your assets go.
If you don’t have a plan in place for your minor children and they are left parentless, a judge will determine who will be their guardian.
It’s also important to name people to several key roles, including an executor of your will, and powers of attorney for both health care and your financial affairs if you become incapacitated while still living.
Aretha Franklin died on Aug. 16 after a long battle with pancreatic cancer. Her fame and fortune will live on indefinitely.
However, the Queen of Soul didn’t have a will to cover her multi million dollar estate, according to published reports. And that will come at a cost.
Her four sons filed a document with the Oakland County Probate Court in Michigan that lists them as interested parties in Franklin’s estate. A niece also asked the court to appoint her as personal representative of the estate.
Of course, Franklin wouldn’t be the first person to forgo plans for her assets. Nearly 60 percent of U.S. adults don’t have a will, according to Caring.com. She also isn’t the first celebrity to die without one.
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Shared from: CNBC