Beloved singer Aretha Franklin died last Thursday after a battle with pancreatic cancer, and left no will, according to CNBC. This means the state courts will determine who gets her assets.
“Her four sons on Tuesday filed a document with the Oakland County Probate Court in Michigan that lists themselves as interested parties in Franklin’s estate,” CNBC wrote. “A niece also asked the court to appoint her as personal representative of the estate.”
CNBC reporter Sarah O’Brien goes on to report why failing to leave a will isn’t good for anyone, not just the wealthy.
“If you pass away without it — called ‘dying intestate’ — the legal system in your state will decide who gets your assets, no matter how massive or meager,” O’Brien wrote. “Worse, if minor children are left parentless and there is no will stating who you want to care for them, guess who appoints a guardian? A judge. And that’s after family members have potentially given their 2 cents.”
Without a will, family members will have to fight for assets, which can destroy relationships. O’Brien also says naming someone as executor of your estate also goes a long way toward keeping families intact after a loved one passes. This person can assist in ensuring assets are properly divided and outstanding debts are paid.