Blog Post

Aretha Franklin's Estate Planning Lesson

John Darer • Aug 27, 2018

Icon of Icons Left No Will or Trust

Aretha Franklin memorial Hollywood Star

Aretha Franklin, one of my favorite singers of all time, a woman who could move Heaven and Earth with her voice, who sang and taught us about R-E-S-P-E-C-T and left us with so many wonderful memories, apparently left no will or trust which would provide legal guidance on how to r-e-s-p-e-c-t her wishes. #arethafranklin #arethafranklinrip #queenofsoul , #arethafranklinestateplanning , #intestate

In addition to a filing by Aretha's four sons, Franklin's niece has asked the court to appoint her as a personal representative of the estate, the Detroit Free Press has reported. It said under Michigan law, if an unmarried person dies without a will, his or her assets are divided equally among any children.

Franklin's lawyer has represented her in entertainment matters for nearly three decades, and told the paper that he constantly asked her to do a trust, but she never got around to it."I was after her for a number of years to do a trust," Los Angeles attorney Don Wilson told the paper. " It would have expedited things and kept them out of probate and kept things private."

Franklin is not alone.

Here is a list of some notable people and celebrities who died intestate.

  • Jimi Hendrix
  • Bob Marley
  • James Brown
  • Barry White
  • Abraham Lincoln
  • Nate Dogg
  • Stieg Larsson
  • Sonny Bono
  • Pablo Picasso
  • DJ AM
  • Prince
  • Michael Jackson
  • Steve McNair, NFL QB
  • Howard Hughes
  • Amy Winehouse
  • Martin Luther Ling Jr
  • Kurt Cobain
  • Tupac Shakur
What is a Will?
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of your children. To maximize the likelihood that your wishes are carried out, you want a will that is set forth in writing, and signed by you and your witnesses .

Without a will, the division and distribution of your estate is governed by the laws of intestacy in your state.

If you are survived by a spouse and children, your estate is usually divided between your spouse and children, for example in Pennsylvania 50% spouse, 50% children. New York's intestacy laws provide that the surviving spouse will inherit the first $50,000 of the deceased spouse's probate estate and then of the remainder 50% to the surviving spouse and 50% to the other descendants, per stirpes .

If you have only children (or grandchildren), the estate is divided among your children (and grandchildren).

If you have neither spouse, children, nor grandchildren, the estate is distributed to your parents, brothers and sisters, grandparents, aunts and uncles, or cousins, depending on who survives you.

A person must be appointed to serve as the administrator of your estate, to collect and marshal your assets and settle your estate. That person must act in a fiduciary capacity.

Single parents may wish to consider these consequences of dying without a will

  • If you have minor children who inherit from you, a court will appoint a guardian for the children's estates (also known as "guardian of the property", until they reach the age of majority.
  • If you have minor children and your husband or wife did not survive you, a court will appoint a guardian for their persons .




risk adjusted capital ratio and structured settlements

What is Risk Adjusted Capital Ratio (RACR)?

By John Darer • 07 May, 2024
What is Risk Adjusted Capital Ratio (RACR) What does RACR Ratio mean forr your structured settlement annuity company, or one that you are considering. How does RACR compare with RBC Ratio?
Risk Based Capital

What is Risk Based Capital?

By John Darer • 06 May, 2024
What is Risk Based Capital? What Does the RBC Ratio Mean for Your Structured Settlement Annuity Company?
certified financial transitionist

What is A Certified Financial Transitionist? (CeFT)

By John Darer • 25 Apr, 2024
A Certified Financial Transitionist is trained and certified to help clients navigate through major life events and the financial transitions that accompany them. Especially useful for personal injury victims and wrongful death survivors to help prepare for the important decisions they will need to make.
Sequencing Risk for Those Receiving Legal Settlements

What is Sequencing Risk? Can Structured Settlements Help?

By John Darer • 22 Apr, 2024
John Darer reviews sequencing risk and the impact of early spending after settlement. Sequencing and Decumulation risk is a factor for recipients of legal settlements and should be addressed in advance of settlement as aprt of settlement planning and wealth orientation.
structured settlement rate lock ins

What is a Structured Settlement Lock-in?

By John Darer • 21 Apr, 2024
A structured settlement lock-in means that the structured settlement annuity issuer will guarantee the cost of a specific benefit stream in exchange for the "quid pro quo" of a commitment to accept or purchase. The guarantee could be a week , or 6 months.
market based structured settlements for lawyers, law firms or plaintiffs

Market Based Structured Settlements | How They Work

By John Darer • 14 Apr, 2024
An introduction to Market Based Structured Settements for Plaintiffs, Lawyers and Law Firms and Settling Parties
new york structured settlements, new york city structured settlements, nyc structured settlement cos

New York City Structured Settlement Annuities 2024

By John Darer • 16 Mar, 2024
Which life insurance companies write structured settlement annuities for personal injury and wrrongful death settlements in Bronx, Brooklyn, Staten Island, Queens, Manhattan, Long Island, Westchester, Erie, Rockland, Albany,Monroe in 2024 through licensed representatives?
flying inverted

NY CPLR 50A/50B | Rising Yields 2022-2024 Squeezed 15 Year Plaintiff Advantage

By John Darer • 16 Mar, 2024
While rising yields have narrowed the gap for defendants in New York CPLR 50A and 50B projections, plaintiffs can still " fly inverted" and get plenty of "lift" when negotiating settlements by using savvy settlement experts
construction defect structured settlements

Construction Defect Structured Settlements

By John Darer • 12 Mar, 2024
Structured settlements can be used where construction defects lead to personal physical injury, physical sickness, or loss of life. In addition, structured settlements may be helpful to plaintiffs who wish to spread out basis, smooth out capital gains or income
structured settlement beneficiary

Structured Settlement Beneficiary Death Claim | What You Need to Know 2024

By John Darer • 08 Mar, 2024
Structured settlement beneficiary death claim. An executor cannot change the beneficiary of a structured settlement annuity. Typically, settlement agreements permit the Payee to name or change a beneficiary, provided such change is in writing and submitted to the Assigmment Company or the annuity issuer in writing and in proper form. An executor is a court appointed representative of the decedent, or in this case, deceased structured settlement annuitant. The insurance beneficiary designation is a contract between the decedent and the insurance company that was entered into prior to the decedent's death.
More Posts
Share by: