Did you know Aretha Franklin did not have a will when she died?
That’s right. The Queen of Soul left behind four sons and an estate reportedly worth $80 million, but no will. As a result, her assets will become public in Oakland County Probate Court and the State of Michigan probate laws will dictate how her assets will be divided. Any wishes she may have had as to how her assets would be dispersed will now be surpassed by state law. A simple will would have given her control; control over what happens, but also control over what doesn’t happen, to her estate.
Ms. Franklin is not alone. A 2016 Gallup poll showed that 55 percent of Americans don’t have a will. Why do so few of us create a will?
Most people either never get around to it, or think they don’t have enough assets to leave for anyone. While you may not have the multimillion-dollar estate of Aretha Franklin, a will lets you decide who inherits your property and who you want to handle the administration of your estate. It also allows you to specify the person or people you want to be guardians of your minor children. A will also provides a great opportunity to leave charitable gifts to the organizations you love.
A simple will can be easy, quick and inexpensive, and there are many options for estate planning available today. The easiest and most cost-effective way is to use one of the growing number of online legal services. For example, to use a service like FreeWill, you simply answer questions about yourself and your wishes, and a basic will is tailored for you, along with instructions to guide you through signing and witnessing it. This service is entirely free and designed to make it simple to include charities among your beneficiaries.
FreeWill also can recommend lawyers in your area with whom you can review the planning documents you create through the website. Additionally, some online services, such as LegalZoom and RocketLawyer, bundle conversations with a lawyer into the package. For a relatively small fee, you can work through their online planning tools -- but also have one of their lawyers available to answer questions and review your plans.
The do-it-yourself approach can be a good option for many people, and it's certainly better than avoiding estate planning all together. That said, hiring an experienced estate-planning attorney could bring additional peace of mind and a more tailored approach, which can be critical when you are dealing with a more complicated estate. Using an attorney does not have to cost a fortune. Some will do a basic estate plan for a fixed fee, or you can save on hours billed by collecting your thoughts and relevant information ahead of time. We offer an estate planning organizer, available here, to help you do just that.
Keep in mind that the time and money you invest in documenting your plans now will save your loved ones from stress, hassle and unnecessary expense.
For more information about including F&M in your will, please contact:
Mary Ann M. Cooke, J.D., ’90, director of gift planning, at 717-358-4821 or mcooke@fandm.edu. We can send you bequest language to make your gift-giving easier.