Following the death of Aretha Franklin, it was reported that she did not have a will or trust. Although the Queen of Soul’s estate has been estimated to be worth $80 million, she never took the time to plan her estate. Don Wilson, her attorney for nearly three decades had tried to convince her for years to do a trust, but she never followed his advice. Now the financial affairs of the reportedly very private Aretha Franklin will be available for the public to see in probate court.
Failing to have an estate plan is not limited to the rich and famous; in fact, it’s a common problem. A recent study by Caring.com determined that nearly 6 out of 10 adult Americans do not have a will or trust. Often the reason is procrastination – “I just haven’t got around to it.” Others believe that fear of not wanting to face death also contributes to the lack of end of life planning. More