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Started By
Message
Aretha Franklin died with no will and no trust
Posted on 8/22/18 at 7:46 am
Posted on 8/22/18 at 7:46 am
LINK
Get your wills prepared, people.
quote:
When legendary singer Aretha Franklin died, she did not have a will or trust. Her four sons have filed a document listing themselves as interested parties, reports say.
quote:
In addition to her sons' filing, Franklin's niece has asked the court to appoint her as a personal representative of the estate, the Detroit Free Press 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.
Get your wills prepared, people.
This post was edited on 8/22/18 at 7:49 am
20
Posted on 8/22/18 at 7:47 am to GetCocky11
quote:
assets are divided equally among any children.
seems fair.
Posted on 8/22/18 at 7:47 am to GetCocky11
“No will; no trust” sounds like a soul song
Posted on 8/22/18 at 7:49 am to GetCocky11
quote:
. It said under Michigan law, if an unmarried person dies without a will, his or her assets are divided equally among any children.
So not really a big deal.
Posted on 8/22/18 at 7:49 am to GetCocky11
quote:
Get your wills prepared, people.
Posted on 8/22/18 at 7:50 am to GetCocky11
quote:
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.
This is just irresponsible.
Posted on 8/22/18 at 7:52 am to GetCocky11
Will means your assets go through probate if they pass through the will.
Some law firm is going to make a killing on this probate
Some law firm is going to make a killing on this probate
Posted on 8/22/18 at 7:53 am to GetCocky11
In her case, not having a will may be easier to probate the large estate. States have intestacy laws that govern these kinds of situations and, in most cases, her 4 children would each get 25%. Now if the niece were to present some document claiming to be a will, it will get ugly.
Posted on 8/22/18 at 7:56 am to TheOcean
quote:
Will means your assets go through probate if they pass through the will.
Some law firm is going to make a killing on this probate
Depends on the state. Your shite is going through probate in LA almost assuredly.
ETA - obviously this isn't LA, just pointing out it depends.
This post was edited on 8/22/18 at 7:57 am
Posted on 8/22/18 at 7:56 am to SCLibertarian
Unbelievable she never had a will or trust set up. They are going to get raped by estate taxes. Only thing I can think of is she gifted her kids somethin well before she passed. Otherwise, that will be a hefty tax bill with no deductions coming for charity or anything.
Posted on 8/22/18 at 7:58 am to slackster
quote:
Your shite is going through probate in LA almost assuredly.
Depends on the size of the estate. Hell, depends on the race more times than not. Black heirships are a nightmare.
I leased a section of 80% black landowners. Small lots and such. That was fun.
This post was edited on 8/22/18 at 8:00 am
Posted on 8/22/18 at 7:59 am to jscrims
quote:
Unbelievable she never had a will or trust set up. They are going to get raped by estate taxes. Only thing I can think of is she gifted her kids somethin well before she passed. Otherwise, that will be a hefty tax bill with no deductions coming for charity or anything.
Her net worth is estimated at $80MM. No estate planning with that kind of wealth is incredibly irresponsible unless you're fine with Uncle Sam taking nearly 50% of anything over ~$11MM.
Posted on 8/22/18 at 8:01 am to slackster
Well LA has a completely different system of law. Will = probate in every state if you have assets that have to pass through the will.
I bet she had assets all over the place...wouldn't be shocked if a law firm walks away with $50,000k+ just in probate fees. Then you've got the estate tax
I bet she had assets all over the place...wouldn't be shocked if a law firm walks away with $50,000k+ just in probate fees. Then you've got the estate tax
This post was edited on 8/22/18 at 8:01 am
Posted on 8/22/18 at 8:05 am to TheOcean
someone with pancreatic cancer did not get their affairs in order.......wow
Posted on 8/22/18 at 8:14 am to GetCocky11
Hmmmm, who’s getting the truck nuts....
Posted on 8/22/18 at 8:16 am to MorbidTheClown
quote:right.... So what leg does the neice have? She looks like the money grabbing party.
assets are divided equally among any children.
seems fair.
Posted on 8/22/18 at 8:19 am to MorbidTheClown
quote:
assets are divided equally among any children.
seems fair.
You know where else assets are divided equally? Divorce. Does the process of deciding who gets what strike you as particularly pleasant or amicable?
This could rip those brothers apart. If they already don't like each other, it's going to be ugly. I hope that they can easily settle this, though.
Get a will, people.
This post was edited on 8/22/18 at 8:22 am
Posted on 8/22/18 at 8:19 am to CarRamrod
each kid gets $20m ? Niece can go pound sand.
Posted on 8/22/18 at 8:22 am to TheOcean
It's not necessarily the probate lawyer who'll rake in dollars, but the accountants and managers who handle her intellectual properties, the moneys made from her songs, and all the things that most of us never worry about.
Stars have money coming in long after they are gone, and that money going into a trust is the neatest way to handle it with an (?) annual disbursement.
I know someone in NYC who works for the Rogers and Hammerstein 'estate' and he's one of several.
Stars have money coming in long after they are gone, and that money going into a trust is the neatest way to handle it with an (?) annual disbursement.
I know someone in NYC who works for the Rogers and Hammerstein 'estate' and he's one of several.
Posted on 8/22/18 at 8:22 am to GetCocky11
In her defense, that global warming snuck up and killed her before she really had a chance to prepare herself.
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