Posted by Jill Boynton on August 23, 2018
It has been reported today that Aretha Franklin died “intestate”, which means that she had no will. In her home state, Michigan, the laws dictate that her estate will be divided among her 4 children. She might have wanted part of her assets to go to other relatives, charities or friends. Or she may have wanted to give certain belongings, such as jewelry or sentimental keepsakes, to a specific individual. Without a will, her four children will decide how to divide her possessions.
Do you have a will? If you, like Aretha Franklin, have put this task off for another day you are not alone. Many individuals put off this important job. Sometimes this is because they can’t decide who to name as an executor, or who to name as the guardian of minor children. Other times it is neglected because it seems like a morbid task.
Having a will is one of the most important parts of a good financial plan. In addition to outlining a clear direction for all assets, a will prevents a lot of headaches for your heirs.
A homemade will, or one created through documents found on the web, is not a good idea. It may not conform to the laws of your state in which case it won’t hold up after your death. In addition, a discussion with an estate planning attorney may bring up issues, which you hadn’t considered, that should be included in the will. Don’t put off this task for one day longer – if you don’t have a will go see an estate planning attorney today.