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Michael Lonich

Aretha Franklin Did Not Have a Will

February 28, 2019/0 Comments/in Estate Planning /by Michael Lonich

But Did Aretha Franklin Need a Will?

Tragically, Aretha Franklin passed away on August 16, 2018 from pancreatic cancer. She left behind four sons but no will or estate plan. Because she did not have a will, during the court process all her assets will be made public. Aretha Franklin’s estate is estimated to be around $80 million and includes financial accounts, personal and real property, and music copyrights. The law of Michigan, where Aretha Franklin died, requires that her assets be divided equally between her four sons. While this may seem simple, it is very common when there is no will for the estate to be contested.

For example, Prince’s estate has been highly contested by the executor of his estate, Comerica Bank and Trust, and his heirs – his six siblings – over the value of his estate and how it should be divided.  Prince passed away in 2016 and his $200 million estate has paid lawyers and consultants over $5.9 million while his heirs have yet to receive anything. Lawyers for three of Prince’s heirs claim that it is a “legitimate concern” whether Prince’s heirs will receive anything at all.

If Aretha Franklin had created a trust, her estate would remain private, fees would be reduced, and her heirs would receive their portion of the estate much faster.

Do I Need a Will?

Over half of Americans do not have a will. Most claim they have simply not gotten around to it and many believe that they do not own enough property to pass down.

While most Americans will not leave behind an estate as large as Aretha Franklin or Prince, a will or trust is still extremely valuable.

It is important to remember that your debts as well as your assets are included in your estate. With a will, you can dictate which debts are paid first, this could allow specific property to not be used to pay debts.

Another crucial element is guardianship of children. When there is no will, the court will appoint a guardian. The court will generally appoint the surviving spouse as guardian. However, if the spouse is unavailable the court will appoint a grandparent, and failing that, the next closest relative. With a will, you may nominate a specific guardian who you feel will be best equipped to care for your children.

One more significant factor to consider is who you want, or who you don’t want to execute your wishes. In California if you do not leave a will, your family members may petition to be the administrator of your estate. The court will appoint the petitioner as an administrator if all family members with higher priority decline to serve as an administrator. With a will, you can appoint an executor who you feel is most capable. Alternatively, you may spell out in your will who you do not want to execute your will.

There are many tangible benefits of a will, however the process of drafting a will can be complex. If you are considering a will or another form of estate planning, please contact one of the experienced attorneys at Lonich Patton Ehrlich Policastri. We offer free half-hour consultations.

Please remember that each individual situation is unique, and results discussed in this post are not a guarantee of future results. While this post may detail general legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.

https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png 0 0 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png Michael Lonich2019-02-28 08:00:132019-02-21 19:36:12Aretha Franklin Did Not Have a Will
Michael Lonich

Roses, Chocolates, and Prenups

February 14, 2019/0 Comments/in Family Law /by Michael Lonich

About forty percent of all marriage proposals occur during the proposal season – the time between Thanksgiving and Valentine’s day – with Valentine’s day as one of the most popular days of the year. While Valentine’s day brings a romantic feeling full of roses and chocolates, February is also the beginning of another season: divorce season. February has the highest rate of divorce filings out of the year, and there is a dramatic increase in referrals for divorce lawyers the day after Valentine’s day. Valentine’s day can elicit strong emotions and the statistics show that people follow their passions this month either by beginning or ending a marriage.

            Staying married is not always easy or simple. In the United States, the divorce rate is around 50% and is even higher for second and third marriages. There are many complex issues that arise during marriage that a couple must navigate, particularly surrounding finances. Money is often the number one cause of conflict in a marriage, and as many as thirty percent of couples that fight about money end up divorced. 

            Typically, a premarital agreement is intended to create conditions that will encourage the growth and health of a marriage. The traditional agreement tends to focus on property owned before marriage by the couple as well as property that may be earned during the marriage. Although it seems like a premarital agreement would be counter-intuitive to romance, discussion of these important financial issues can help a couple grow. It can benefit the confidence in a relationship for couples to openly discuss their concerns and to plan together for the future.

            Because of the cost, a premarital agreement may not be for everyone. The traditional factors a couple should consider include the total amount of wealth they possess, and whether there is an un-equal amount of wealth between the couple. Additionally, premarital agreements are gaining popularity with young people who have pursued careers that may lead to a lucrative profession. Protecting their personal efforts is an increasing concern amongst people who might rather not have the state determine their financial future.

            If you are feeling swept up by Valentine’s day romance and are planning to propose, considering a premarital agreement may be a great benefit to your future. For more information and advice, please contact one of the experienced attorneys at Lonich Patton Ehrlich Policastri.

            Please remember that each individual situation is unique, and results discussed in this post are not a guarantee of future results.  While this post may detail general legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.

https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png 0 0 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png Michael Lonich2019-02-14 08:00:372019-02-21 19:38:32Roses, Chocolates, and Prenups
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Located in San Jose, Lonich Patton Ehrlich Policastri handles matters for clients in northern California, especially San Jose and Silicon Valley. Our services are available to anyone within the following counties: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, and San Benito. For a full listing of areas where we practice, please click here.

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