Friday, August 09, 2019

Where there's a will...

There's generally a lot less confusion and ill feelings. Case in point: the Queen of Soul, Aretha Franklin, who passed away last year after a losing fight with pancreatic cancer.

So why is this an issue for InsureBlog?

Well, because life insurance, wills and trusts are all part of a complete estate plan, and can help stave off intra-family squabbles and even IRS issues. In this case, however, it seems that there may have been too many wills:

"...a 2014 document shows her son Kecalf Franklin was also named a representative. In a 2010 document, the names of White and Owens were crossed out, but they appear again in the handwritten will."

By the way, leaving conflicting (or, often no) instructions on how one would like one's affairs settled post-death, is surprisingly common among celebrities who, one would presume, have access to top-flight legal and tax counsel. For example, Honest Abe, himself a lawyer and MLK Jr, Jimi Hendrix and even Prince all neglected to have one drawn up.

For most folks, it's a pretty simple and inexpensive process.

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