Apparently Aretha Franklin, who had an estate worth $80 million, died without writing a Last Will and Testament. But, since she did not write her own Will, the State of Michigan, where I assume she resided, wrote it for her. And everyone in Michigan who did not proactively write their own Will gets the same state imposed Will.
For Aretha, who I don’t believe was married, and did not have living parents, her individually owned estate, without beneficiary designations, will be distributed in equal shares to her children.
That sounds easy, doesn’t it? But who will administer the estate and make decisions about distributions? If she had children under 18, who would manage their shares? If she had children just over 18 would they be able to successfully invest and spend millions of dollars? Would she want all of her children to inherit her estate equally? Is there someone else, or charities, she would have given money to?
The ONLY way to insure that your wishes for distribution of your estate after your death are followed is to write your own Will. Don’t rely on the state imposed Will to take care of your loved ones after you die. We would be happy to help you with your estate plan. Give us a call at 301-562-8220 to make an appointment. We look forward to hearing from you!