Aretha Franklin, the Queen of Soul, was one of the most prolific and talented people of all-time. She was a successful singer, songwriter, pianist, actress, and civil rights activist. She past away in August at the age of 76 years old in Detroit, Michigan. Despite the fact that Aretha Franklin died with a reported net worth of $80 million, she did not have a will.
According to the Huff Post, Franklin is survived by her four sons and some other family members, all of whom are wondering what will happen to her estate.
Estate law experts expressed surprise but not shock that a person as wealthy as Franklin would put off making a will until it was too late.
“I tried to convince her that she should do not just a will but a trust while she was still alive,” said Don Wilson, who served as Franklin’s attorney for nearly 30 years. “She never told me, ‘No, I don’t want to do one.’ She understood the need. It just didn’t seem to be something she got around to.”
If you’re under 40 and currently do not have a will, now is the time to do it. These conversations and plans are difficult to have, but they are essential. Whether you’re a multi-millionaire famous musician or just an average hard worker, it’s imperative to have a will set up in order to ensure the future financial security of your family and loved ones.
“People don’t like to face their own mortality,” said Laura Zwicker, an attorney who specializes in estate planning.
In addition to simply meeting with an estate attorney, here are some important steps you should take to secure your family’s future:
- Choose an executor
- Check account beneficiaries
- Create an advance health-care directive
- Assign powers of attorney
- Make a list of critical documents
- Follow up with all your plans