Posted on 08/21/2018 11:12:22 PM PDT by CaliforniaCraftBeer
Music legend Aretha Franklin died without a will. Franklin, who suffered from pancreatic cancer and was in grave health in the days leading up to her death last week, had no financial preparations in place at the time of her death, the website reports. The gossip outlet notes that the “Respect” singer had a son, Clarence, who has special needs and will require financial support for the rest of his life. Following the news of her death, the Franklin family said: “In one of the darkest moments of our lives, we are not able to find the appropriate words to express the pain in our hearts. We have lost the matriarch and rock of our family.” A memorial for the Queen of Soul will be held in Detroit next week. A viewing open to family and friends will be held on Aug. 28 and Aug. 29 at the Charles H. Wright Museum of African American History. Franklin will be entombed at Detroit’s Woodlawn Cemetery — alongside her father, Rev. C.L. Franklin, brother Cecil Franklin, sisters Carolyn and Erma Franklin and nephew Thomas Garrett.
Hard to believe.
Let’s hope the entire family wholeheartedly agrees that her son is the obvious heir of the estate. Or maybe she’d already had trusts set up for her heirs.
"...that the ‘RESPECT’ singer had a son..."
She had 4 sons, and an estimated net worth of $80-100 million. Michigan law states the estate would be divided equally amongst them if she had no will. Of course, creditors may come out of the woodwork on this one. Ike Turner's estate is still being litigated 11 years after his death.
But she had time to perform @ Dim Inaugurations
S T U P I D
Just a little bit
But, they would misspell it. Show some R-E-S-P-I-C-T, instead of showing some R-E-S-P-E-C-T!
While alive, people have the choice of preparing a will of their own, including creating a trust to assume management of designated assets of the deceased. The following is a simplified explanation.
When an individual does not have a personal will prepared that dictates how the net worth and particular assets of the deceased are to be distributed, then they have the “will” that the state legislature has written for those who do not, for whatever reason, taken the time to personally put a will in their own handwriting or have an attorney prepare the will for them.
The individual states have prepared their state will for deceased folks, citizens, who have not prepared their own will, to make sure that TAXES are paid, that DEBT is paid and that the LEGITIMATE HEIRS receive their proper share of the distributed estate after taxes and debt is paid by the ADMINISTRATOR of the estate.
So, people have a choice as to how their stuff can be distributed upon their demise. They can arrange to have their own personal will or have the state legislature prepared will executed on their behalf. It’s that way in al 57 states. BOH said so...grin...
What choice have YOU made? Your own will or the one prepared by your state legislature? It is one or the other for all of us. Mrs. Franklin’s estate will be disposed of in accordance with the will of the state. After taxes and debt are paid, her legal heirs will receive their legal share of what is left. A simplified explanation...
No one dies without a will... you have your own or the one written for you by your state legislature. Take your choice...
I find the press so untrustworthy, I would not be surprised if thru ignorance and or malice they are misrepresenting this “news”. Perhaps instead of a will she had a revocable trust.
Trust. A word no longer associated with the MSM.
Let the vultures start to circle.
Or maybe not.
The mentality of every relative, ex-business associate, and family acquaintence will be to "get mine." Count on it.
I read an article a few years ago about a financial manager whose clients were mostly black athletes in professional sports. He didn't want his real name used. He said that his most challenging hurdle was trying to convince his young clients to resist the calls from family and extended family to "share the wealth." One athlete said minutes after signing his professional contract that his momma demanded he buy her a $2.8 million condo in Miami.
The smart ones listened to him. For every relative who hit him up for money, the athlete was instructed to have them call the financial manager. When the relatives did so, they were infuriated, because the manager would established a payment system to pay the money back. He said the relatives would toss insults, profanity, and even physical threats over the phone.
And skirting the Fakata Carnival that probate could be with this media.A pour over will and all the medical bells and whistles that may have been enacted aka her wishes at the time of her passing. If such a document exist, it is between her, her attorney, the executor of her choice, and the heirs and we do not need to know period, and that is good.
without a will you have to prepare statements of disclosure of the deceased’s assets to submit and go through probate.
You have to obtain the signatures (notarized) of other people (relatives, spouses, and decedents) who may be able to file claim to all or a portion of the estate.
A friend of mine lost both brothers in the span of a couple of years and twice had to go through probate. He then helped guide a friend of his in similar circumstance through the paperwork and process.
She had pancreatic cancer, and had $80m estate, and no will was made. I don’t get that.
>>and we do not need to know period, and that is good.
that was how I felt about weeks of gossip about rumors of her failing health. As the family itself had not made a public statement in that regard, it wasn’t my concern.
Some families (like Glen Campbell’s) provide periodic health updates and others prefer total privacy.
Meanwhile John McCain is a current member of the Senate who isn’t making public appearances these days. He withholds a vote in the Senate by refusing to surrender his seat, he will never cast another ballot. The public does deserve updates on his ability to serve. He is a public representative and that was his choice.
The State will provide as needed.
Chain chain chain
Chain of fools.
GIBSMEDAT!!!
That’s quite interesting, though not surprising, how some family and friends in the professional sports industry believe in some sort of financial entitlement to another’s success. Mega-lottery winners have the same problem. We even have a government whose constituents demand same - and whose representative is only too happy to oblige. This deficit in human character knows no class, race, or social status.
I like the financial manager’s repayment program. Money changes everything ... even family relationships ... it again shows that but for blood relationship, one might not otherwise associate with some people.
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