What do Prince and Aretha Franklin have in common?
What do Prince and Aretha Franklin have in common (other than being deceased music icons)? Prince (Prince Rogers Nelson) was a music legend for me and many in my age group. I loved his music, his style, his electric guitar and his love of the colour purple.
He sold over 100 million records worldwide, making him one of the bestselling artists of all time. He won eight Grammy Awards, six American Music Awards, a Golden Globe Award, an Academy Award and was inducted into the Rock and Roll Hall of Fame in 2004 (as per Wikipedia).
Prince died on April 22nd, 2016 and was just 57 years old.
Aretha’s music spanned nearly 60 years and covered many genres: modern soul, gospel, R&B, dance music, pop, and rock. She was also actress, pianist, a songwriter and a civil rights activist. She won 18 Grammy Awards, was inducted into the Rock and Roll Hall of Fame in 1987 and sold more than 75 million records worldwide (as per Wikipedia).
By the end of the 1960s, Aretha was known as the “Queen of Soul”.
Aretha died on August 16th, 2018, she was 76.
So, what did Prince and Aretha have in common? Answer: They both died without a Will.
Hard to believe, but according to documents filed in US courts, both singers didn’t get around to preparing Wills, Trusts and Powers of Attorney. Aretha has four surviving sons and Prince had no children, but has six surviving siblings – both groups are assuming to become the heirs of the two individual estates.
I use the word “assuming” because no beneficiary was appointed, hence the courts must apply a pre-determined rank for the distribution of assets.
The assets are generally distributed in this order:
- The deceased’s spouse
- His/her children
- Siblings
- Other relatives
*The order of distribution is based on the deceased’s place of residence.
Obviously, there are several challenges with dying intestate (dying without a Will) such as: unplanned distribution of assets (preferred beneficiaries may be excluded, while unwanted beneficiaries may be included), long delays, estate taxes, foreign country estate taxes, expensive professional fees, lack of privacy, quarrelling relatives etc.
Many of the delays and frustrations that Prince’s and Aretha’s beneficiaries are/will experience could have been avoided with proper estate planning which includes an estate plan, a Will, Powers Of Attorney and Life Insurance.
If you do not have Will, I suggest you avoid this problem by setting an appointment with a qualified estate lawyer and drafting a Will and Powers of Attorney, as soon as possible. If you need a referral, please call the office and we’ll provide three referrals based on your preferences.
Also, an old Will may also cause problems especially if your Will no longer reflects your current wishes. If you’re not sure about the relevance of a will, please call our office to discuss.
If you would like to discuss estate planning or need a referral, call me or email me at richard.dri@scotiawealth.com.