When the legendary singer Aretha Franklin died earlier this year, she left behind an astonishing musical legacy, an estate reportedly in the neighborhood of $80 million…but no will.
Under the law, Franklin’s four sons will inherit her estate, but the fact that she didn’t make a will leaves a big question unanswered, the same one facing anyone dealing with Bucks, PA estate planning:
Who will handle the administration of her estate?
If Aretha Franklin had put together an estate plan that included a will and trust, she could have circumvented the probate process and kept her finances private.
And because she didn’t do any estate planning, the money she leaves her children will be exposed to unnecessary taxation.
She might not have been able to avoid the federal estate tax altogether, but there are estate planning strategies she could have employed to shrink the amount of tax on her estate.
You may not be the Queen of Soul, but when it comes to estate planning, Bucks PA residents should still think very seriously about creating a will.
Creating a will lets you ensure your assets go to the people you want, in the manner and time that you want. Besides, you can take comfort in the knowledge that your loved ones can mourn you after you’re gone without having to deal with the red tape of the probate process.
It’s never too early to begin thinking about estate planning. Bucks PA residents who need help drafting a will can turn to Gummer Elder Law. Our lawyers can work with you and your loved ones to create an estate plan that protects your assets and carry out your wishes. Contact us today to get started.