What We Can Learn from Prince and Aretha Franklin Regarding Wills and Trusts

Q: Aside from being iconic, powerhouse musicians, what did Prince and Aretha Franklin have in common?

A: Neither artist had a valid Will or Trust.

It’s widely known that Prince, the famous Minneapolis singer and songwriter, passed away without a valid Will or Trust. Writing for Forbesthen, Mark Eghrari stated, “What you may not know is why that is a decision Prince would most likely have regretted — and why it matters so much to his possible heirs.”

Prince died intestate, which means he did not have a Will or Trust to execute upon his death. More than two years after his passing, Prince’s heirs still did not receive a single cent of his estate. Meanwhile, tax attorneys worked tirelessly to deal with the aftermath (and made money in the process).

Sadly, Aretha Franklin also died without a Will or Trust in place. Her four sons filed documents listing themselves as “interested parties” in her estate, estimated to be worth over $80 million at the time.

Fortunately, Franklin’s sons experienced a happy but delayed resolution to their struggles. They had to wait until late 2023 for a judge to award them property from Franklin’s estate. The decision was based on a Will handwritten in 2014 found between some couch cushions.

The Importance of Having a Will or Trust in Place

The significance of a Will or Trust to protect your estate cannot be overstated. Failing to plan for the distribution of your assets upon your death will result in the state—not your heirs—dictating those terms, which may not align with your wishes or intentions. Having a Will in place and, ideally, an estate plan can save your loved ones the time and expense of fighting for what’s theirs in Probate court and beyond.

Getting Legal Assistance with Your Will or Trust

Creating an estate plan is a loving gesture for those you’ll leave behind. You’ll also do yourself a favor by side-stepping one of those online Will or Trust generators and instead hiring an experienced attorney at Donnellon, Donnellon & Miller. For personalized assistance with all aspects of estate planning, you can turn to the experienced attorneys at Donnellon, Donnellon & Miller. They can answer your questions, anticipate common legal snags, and help decrease the tax burden on your estate.