Aretha Franklin’s estate still has not been distributed to her heirs, although she died almost five years ago from pancreatic cancer.
When the singer/songwriter passed in August 2018, her family thought she had died without a will. Nearly a year later, though, some estate-planning documents were found in her home.
Since that time, her sons have argued over which handwritten document is valid: the one dated 2010 and found in a locked cabinet, or the one dated 2014 and found in a spiral notebook tucked under a couch cushion. Neither document was prepared by a lawyer or witnessed, though the earlier document was notarized.
This week, a jury was asked to determine whether or not the 2014 document is a valid will. After less than an hour of deliberating, the jury found that it is.
Unfortunately, the dispute is still not fully resolved, since the judge indicated that some aspects of the 2010 document may be incorporated into the final estate plan. She told the parties to file briefs and attend a status conference next week.
Earlier, the court had held that another set of documents, which Aretha had been preparing with an estate-planning lawyer, was excluded from consideration after the attorney testified that he did not believe Aretha had finalized that estate plan.
To avoid subjecting your own family to the headaches and expense involved in litigation, make sure you have an up-to-date estate plan that complies with all applicable laws, and that the plan is clear, with no room for confusion.
If you amend or replace your estate-planning documents, work with a skilled attorney to ensure that the amendments comply with any terms of the documents you are amending, as well as the law, to a “T.”
And if you aren’t amending any documents, you might want to make that clear in writing (preferably witnessed or notarized) on a regular basis so your family is less likely to have to deal with forged estate-planning documents, as Priscilla Presley allegedly did earlier this year in connection with her daughter Lisa Marie’s estate.
If you die unexpectedly and your estate-planning documents are out-of-date, confusing, or nonexistent, settling your estate is likely to be much more complicated and expensive.
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By planning now, you can ensure that your assets go to those you want to have them. In fact, by creating a distribution plan, you can give some things to people while you’re still alive and able to see them enjoy those benefits, while arranging to have the remainder of your estate transferred on your death.
You can also identify the people you’d like to handle your estate and to care for your children. You can arrange to have children receive your assets only after they reach a certain age and protect disability benefits for beneficiaries with special needs.
Finally, if your net worth is high enough that estate taxes are a concern, you can plan ahead to reduce or eliminate the tax burden (unlike actor James Gandolfini whose estate ended up owing $30 million in estate taxes).
Please feel free to contact us if you have questions about or need assistance with your estate planning. Remember, it’s important not to put off your estate planning.
You may also be interested in obtaining a copy of Estate Planning (in Plain English), written by members of this law firm and available through Amazon, Barnes and Noble, Bookshop (an online bookstore that allows you to support your favorite independently owned bookshop), and wherever self-improvement books are sold.
Photo by Nathan Fertig on Unsplash
