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Singer Aretha Franklin gave great advice on “respect,” but not as strong when it comes to finances and estate planning. The sons of the Queen of Soul have recently 5 year legal battle After her death, a will was discovered over her estate when a handwritten will was discovered between some sofa cushions and an earlier will was found locked in a cabinet. .
Unfortunately, leaving loved ones to sort out the details of important possessions, giving them extra grief, money and time, and even more uncertain outcomes, is not unique to Franklin. . Too many families suffer from this problem.
As the creator of Future File Legacy And using a wish planning system (based on a file my father left my sister and I before his untimely passing), I’ve seen the difference in outcomes when families plan well and when they don’t. I did. Here are some tips to make sure your family is firmly in the former camp.
The couple left America in search of the American dream, and now they’re helping others achieve the same dream.
Have your documents professionally completed and reviewed
It took Franklin’s heirs five years and likely a large sum of money to determine the validity of the handwritten will stored on her couch.
Families should take a lesson from Aretha Franklin. She left not one, but two suicide notes. As a result, the family battle continued for five years. (St. Petersburg)
You can avoid the same fate as your loved ones by having an estate planning attorney professionally draft your will and other important estate planning documents. These professionals will ensure that your property complies with all necessary requirements of the state in which it is located.
You might think you’ll save a few bucks by doing it yourself, but it’s a penny-pinching, foolish endeavor that could cost your loved ones even more to unwind.
Make sure your loved one can find the documents
A big part of the confusion for Aretha Franklin’s heirs was that there was no clear repository for her will. Even though it’s obvious, between the couch cushions isn’t an ideal storage place either. Having a legacy planning system in place that your loved ones can find and easily access when they need it will ensure that they have access to the specific information they need that you have prepared for them.
Whether it’s a will, power of attorney, list of important contact information such as a financial advisor, copies of identity documents, copies of insurance beneficiary forms, or other important documents, they: Must be kept in a valid estate and probate planning system. Future File system or another secure location.
If you do the latter, be sure to include information in your legacy and wish planning systems about how to access such documents, including those stored on your computer or online.
This will give you easy access to important documents and important information, potentially saving your loved one time and a lot of grief and money.
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Don’t forget to share your personal wishes too
When someone dies, family members often fight not just over property-related issues, but over everything else. Because grief is unpredictable, emotions spill out and create drama about everything from where and how someone is buried to who receives sentimental trinkets that have no monetary value. This often happens.
Being clear about your wishes on everything from your social media accounts to who gets your family’s favorite Christmas ornament can go a long way in helping your loved ones in times of great need.
You can avoid the same fate as your loved ones by having an estate planning attorney professionally draft your will and other important estate planning documents. These professionals will ensure that your property complies with all necessary requirements of the state in which it is located.
If possible, hold a family meeting to go over these details so the family can exchange ideas and not be surprised by the decisions made (the estate and wishes planning system guides such discussions. (provides a good roadmap to help you).
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Additionally, some decisions involve others, such as whether family members want to be buried close to each other, so having everyone involved add their perspective can make a difficult situation more It helps bring good results.
No one wants their loved one to spend years and lots of money sorting out their estate. It’s a waste of time, money, and resources, holding them back in their grieving period, and adding more stress to an already stressful situation. The more prepared you are in advance, the easier it will be for your family to cope when extremely difficult times come.
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