In 2018, the world lost a music icon, Aretha Franklin. Not long after her death, her family and the public learned that she had left behind handwritten wills, one of which was found in the cushions of her couch. After four years of costly legal battles, a Michigan jury has recently ruled the last written will from 2014 to be valid, introducing a complex new chapter in the distribution of Franklin's estate.
At first glance, a handwritten will might seem like a private, personal gesture. But in reality, it's a loaded decision, one that has cost Franklin's heirs years of unrest and unnecessary legal fees. The ordeal with Franklin's self-made will provides a powerful lesson about the importance of proper estate planning.
Franklin's 2014 handwritten will differs from the previous one she wrote out in 2010. Both versions appear to divide income from music and copyrights among her four sons, but the later will bequeaths her main home in Bloomfield Hills, valued at $1.1 million at the time of her death but worth significantly more now, to her son Kecalf Franklin and her grandchildren.
This court ruling provided a resolution. However, the path to this point has been long, arduous, and financially burdensome for the family, highlighting the consequences of a lack of formal estate planning.
Litigation costs can escalate rapidly in probate disputes, especially when the estate is as complex and valuable as Franklin's. While it's difficult to estimate the exact cost borne by Franklin's estate due to the four-year-long legal dispute, it's safe to say that the expenses have been significant. Lawyers' fees, court costs, appraisal costs, expert witness fees, and other expenses can quickly mount up. One can be certain that those costs far exceed the cost of having one’s wishes memorialized in a properly crafted legal document.
More than the financial costs, though, are the emotional toll and family discord these kinds of disputes can inspire. At its core, a will is meant to provide clarity and peace of mind, ensuring that loved ones are taken care of and the deceased's wishes are honored. When that document is ambiguous or potentially invalid, it can lead to arguments, resentment, and drawn-out legal battles, as we've seen in the Franklin estate.
Contrast this with the relatively low cost and ease of proper estate planning. Working with an experienced attorney to create a well-drafted will or a trust, one can gain certainty and peace of mind. A well-crafted will or estate plan ensures that your intentions for your assets and your loved ones are clear, legally sound, and likely to be upheld in court.
Moreover, good estate planning goes beyond the mere allocation of assets. It can help avoid probate, reduce estate taxes, set up care for a minor or a special needs adult, establish your wishes should you become incapacitated, and much more.
The unfortunate situation surrounding Aretha Franklin's estate should serve as a cautionary tale for the importance of proper, thorough estate planning. A handwritten will discovered in a couch cushion may make for an intriguing story, but the cost - in terms of both time and money - is a high price to pay for such intrigue.
Remember: Estate planning is not just for the wealthy or the elderly. If you own property and have loved ones, you should have an estate plan. The costs of not having one, as shown by Franklin's estate saga, are simply too high. The Queen of Soul brought immense joy to the world through her music; perhaps the lasting saga of her estate can bring an important lesson about planning for our futures.
To learn how easy it is to properly plan and protect your estate with Stouffer Legal you can click here to view our online Estate Planning, Asset Protection and Elder Law workshop
Photo credit: E! online
