Aretha Franklin: Too Much Estate Planning
Aretha Franklin was a larger-than-life figure to her many adoring fans during a music career that
spanned nearly 60 years. Over that time, she put out 38 studio albums and 6 live albums. The
Queen of Soul also penned two wills that became the subject of considerable controversy after
her death and showed that no matter how famous you are, your final wishes could come down
to state law if you are not proactive about estate planning.
Two Wills Are Not Better Than One
Aretha Franklin, the commanding voice behind such hits as "Respect" and "Think", was thought
to have passed away in 2018 without voicing her views on how her estate should be divided
among her four sons, seemingly leaving it up to state law and a judge to decide.
But when Franklin's niece agreed to serve as personal representative of the estate and began
going through the singer's Michigan home, she discovered not one but two handwritten wills -
one from 2014 found in the couch cushions and a second from 2010 found in a locked cabinet.1
The documents contained key differences about the division of real estate, personal property,
and music royalties among her sons, and the sons disagreed over which version should control
the estate. Further complicating matters, both wills had detailed lists of assets, but neither was
prepared by a lawyer or listed witnesses.
Her sons ended up squaring off in probate court over which of the discovered wills expressed
their late mother's true intentions at the time of her death. Following a two-day trial, a jury put
the five-year - and at times combative - controversy to rest when it determined that the 2014
document should serve as the will.
Lessons Learned: R-E-S-P-E-C-T the Estate Planning Process
Aretha Franklin avoided dying intestate (meaning without a will) by handwriting a will. But her
estate planning errors led to a situation that was just as complicated - and just as easily
avoided.
Clients can learn these valuable lessons from Franklin about what to do - and not do - when
creating an estate plan:
- Let loved ones know where documents are located. A will must be presented to the court
and verified before it can take effect. If it cannot be located, it is essentially useless. Clients
need to make sure loved ones know where their will, along with their additional estate plan
documents like trusts, powers of attorney, and life insurance policies, can be found. Ideally,
they should be kept somewhere secure, such as a bank safe deposit box, a fireproof safe,
or a filing cabinet, or online in an encrypted cloud. Anyone needing access to the documents
should also be given access codes. Document copies can be given to the estate planning
attorney, local probate court, executor, or a trusted friend or family member as a fail-safe.
- Do not keep more than one version of documents. Only one will is admissible to probate.
The most recent version of a will or other estate planning document typically prevails over
an older one, as it did in Franklin's case. If new documents are created, clients should
consider destroying the old ones to alleviate confusion.
- Handwritten wills may be okay but are not ideal. Handwritten wills are considered valid in
more than half of the states, including Michigan. However, they must meet certain criteria,
such as bearing a signature and setting forth the material issues (what the person owns and
the individuals they want to receive those accounts and property) in the person's own
handwriting. Disputes over a handwritten will's validity can be avoided by working with an
attorney who can ensure that the document is legally prepared and executed.
- Make your intentions clear. Having more than one will raises questions about which
should take precedence. But in some cases, even a proper will can be superseded by, for
example, a beneficiary designation on a retirement account or property owned together by
two or more people in joint tenancy. To prevent discrepancies, confusion, and conflicts,
paperwork should be in alignment across estate planning documents.
How We Can Help You Help Your Clients
It cannot be emphasized enough that estate planning is not just for the rich and famous. You
may convey a similar message to your clients when discussing an asset management plan. In
our celebrity-driven culture, figures like Aretha Franklin can serve as a cautionary tale about
what can happen when a plan is left to the last minute or not completed under the guidance of
an experienced estate planning attorney.
One of the best gifts a client can leave their family is a professionally prepared estate plan that
leaves nothing to chance or speculation. Clients should know that a missing, incomplete, or
unclear estate plan can lead to conflicts between heirs that necessitate court intervention and
drain estate assets.
The more you understand estate planning and how it fits into a wealth management strategy,
the more you can build client trust and earn repeat business. To begin a collaboration with our
estate planning attorneys, please reach out to schedule a meeting.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
