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Due to the confusion over Aretha Franklin's estate that ensued over the past five years and that was only recently settled, Newsmax Finance reached out to attorney George Taylor, a partner in Brinkley Morgan's Estate and Trust Litigation and Business Litigation practice groups, to ask what everyday Americans should know about the role of a will in their estate planning.
As background, Aretha Franklin did not leave behind a formal, typewritten will when she died five years ago in 2018 at age 76. But two earlier handwritten wills, one dated 2014 and another in 2010—with scribbles and hard-to-decipher passages—suddenly emerged in 2019 when a niece scoured Franklin's home for records.
A jury ruled early last month that the 2014 document is a valid Michigan will, a critical turn in a dispute that had turned her sons against each other.
As Taylor explains, it is vitally important to leave a will, ideally with the help of an estate attorney. That way, you can ensure your estate will go to the people and entities you intend, and avoid legal, tax and accounting issues.
Newsmax: Is the mistake that Aretha Franklin made of having a 2014 handwritten will and an earlier 2010 will a common one that people make?
George Taylor: Yes. Most problems are related to improper execution. For example, Florida requires every resident's will to be witnessed by at least two witnesses. Also, the will maker must sign the will in the presence of the witnesses and the witnesses must sign in each other's presence. DIY estate planning can be a huge mistake.
Newsmax: Is letting family members or friends know about the terms of your will while you are alive another common mistake?
Taylor: Not necessarily. Sometimes wills are challenged because the challenger does not understand why mom or dad left the challenger out of the estate plan. If you make your plans known, that may bring understanding. Conversely, it may give the challenger time to plan their attack.
Newsmax: What are the most important things a person who wants to leave a clear, non-contestable will needs to know?
Taylor: Hire a knowledgeable estate planning attorney; do not draft your own will. Hiring an attorney is not required, but highly recommended.
Newsmax: What happens if a person who is leaving a will wants to make changes? Is it risky if they start leaving multiple wills or wills that have been amended?
Taylor: That person should consult with an estate planning attorney and make the necessary changes. So, no, it is not risky to amend a will, as long as the wills or amendments are properly executed, and the will maker has the requisite capacity to make the changes. However, this assumes the will maker is not being unduly influenced by a loved one, caretaker, etc.
Newsmax: How should a person writing out a will handle sentimental heirlooms or valuables, as well as a safe deposit box that they do not want anyone to have access to before their death?
Taylor: Personal property should be addressed in the will or a separate writing attached to the will. The documents should identify the personal property with specificity and who gets that property.
Personal property can be tricky because it tends to disappear after someone dies. A safe deposit box is a great way to secure jewelry and other small objects. The estate's personal representative will gather those items after the will maker's death, and inventory the items with a bank representative. Then, the personal representative will distribute the items, assuming they are not sold to pay for the estate's administration.
Newsmax: Aretha Franklin's estate had not been settled in the five years since her death and had been vastly devalued due to taxes owed. Is this a common mistake, and if so, what does someone leaving an estate need to do to avoid that?
Taylor: Yes, it is common for contested estates to take years to settle and close. If a will maker is anticipating a will contest, they should alert their estate planning attorney to make sure everything is double checked and documented.
The tax issue is likely the result of poor tax planning. Again, the will maker should meet with their estate planning attorney and consult with their CPA.
Newsmax: Who is the ideal person or entity to name executor of the will?
Taylor: That depends. In my world, an independent third party, like a CPA, attorney, or trust company is the ideal candidate because naming one family member over another tends to create resentment.
Newsmax: Once a will is drafted, is a copy filed with a local government or entity to enable easy access upon a person's death?
Taylor: No. The will is not filed with the court until after the will maker dies.
Newsmax: How much should a person drafting a will be prepared to spend?
Taylor: It depends on the complexity of the estate plan, including tax planning. A reasonable range is $2,500.00 to more than $10,000.00.
Newsmax: Any other important points someone thinking about making a will should know?
Taylor: Unless you want your assets to pass according to the distribution scheme created by your state's legislature (intestacy laws), hire a knowledgeable estate planning attorney and follow their advice. If your will is ripe for challenge, the desired objects of your bounty will have to hire a skilled estate and trust litigator like me, and that litigation is very expensive.
George Taylor is a partner in Brinkley Morgan's Estate and Trust Litigation and Business Litigation practice groups. His Estate and Trust Litigation practice focuses on helping families and fiduciaries solve legal problems related to fiduciary litigation, will and trust contests, trust accountings, breaches of fiduciary duty, removal of personal representatives (executors) and trustees. Taylor earned his Juris Doctor from Nova Southeastern University's Shepard Broad College of Law, where he graduated 4th in his class.
https://www.newsmax.com/finance/streettalk/last-will-estate-planning/2023/08/10/id/1130350/
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As background, Aretha Franklin did not leave behind a formal, typewritten will when she died five years ago in 2018 at age 76. But two earlier handwritten wills, one dated 2014 and another in 2010—with scribbles and hard-to-decipher passages—suddenly emerged in 2019 when a niece scoured Franklin's home for records.
A jury ruled early last month that the 2014 document is a valid Michigan will, a critical turn in a dispute that had turned her sons against each other.
As Taylor explains, it is vitally important to leave a will, ideally with the help of an estate attorney. That way, you can ensure your estate will go to the people and entities you intend, and avoid legal, tax and accounting issues.
Newsmax: Is the mistake that Aretha Franklin made of having a 2014 handwritten will and an earlier 2010 will a common one that people make?
George Taylor: Yes. Most problems are related to improper execution. For example, Florida requires every resident's will to be witnessed by at least two witnesses. Also, the will maker must sign the will in the presence of the witnesses and the witnesses must sign in each other's presence. DIY estate planning can be a huge mistake.
Newsmax: Is letting family members or friends know about the terms of your will while you are alive another common mistake?
Taylor: Not necessarily. Sometimes wills are challenged because the challenger does not understand why mom or dad left the challenger out of the estate plan. If you make your plans known, that may bring understanding. Conversely, it may give the challenger time to plan their attack.
Newsmax: What are the most important things a person who wants to leave a clear, non-contestable will needs to know?
Taylor: Hire a knowledgeable estate planning attorney; do not draft your own will. Hiring an attorney is not required, but highly recommended.
Newsmax: What happens if a person who is leaving a will wants to make changes? Is it risky if they start leaving multiple wills or wills that have been amended?
Taylor: That person should consult with an estate planning attorney and make the necessary changes. So, no, it is not risky to amend a will, as long as the wills or amendments are properly executed, and the will maker has the requisite capacity to make the changes. However, this assumes the will maker is not being unduly influenced by a loved one, caretaker, etc.
Newsmax: How should a person writing out a will handle sentimental heirlooms or valuables, as well as a safe deposit box that they do not want anyone to have access to before their death?
Taylor: Personal property should be addressed in the will or a separate writing attached to the will. The documents should identify the personal property with specificity and who gets that property.
Personal property can be tricky because it tends to disappear after someone dies. A safe deposit box is a great way to secure jewelry and other small objects. The estate's personal representative will gather those items after the will maker's death, and inventory the items with a bank representative. Then, the personal representative will distribute the items, assuming they are not sold to pay for the estate's administration.
Newsmax: Aretha Franklin's estate had not been settled in the five years since her death and had been vastly devalued due to taxes owed. Is this a common mistake, and if so, what does someone leaving an estate need to do to avoid that?
Taylor: Yes, it is common for contested estates to take years to settle and close. If a will maker is anticipating a will contest, they should alert their estate planning attorney to make sure everything is double checked and documented.
The tax issue is likely the result of poor tax planning. Again, the will maker should meet with their estate planning attorney and consult with their CPA.
Newsmax: Who is the ideal person or entity to name executor of the will?
Taylor: That depends. In my world, an independent third party, like a CPA, attorney, or trust company is the ideal candidate because naming one family member over another tends to create resentment.
Newsmax: Once a will is drafted, is a copy filed with a local government or entity to enable easy access upon a person's death?
Taylor: No. The will is not filed with the court until after the will maker dies.
Newsmax: How much should a person drafting a will be prepared to spend?
Taylor: It depends on the complexity of the estate plan, including tax planning. A reasonable range is $2,500.00 to more than $10,000.00.
Newsmax: Any other important points someone thinking about making a will should know?
Taylor: Unless you want your assets to pass according to the distribution scheme created by your state's legislature (intestacy laws), hire a knowledgeable estate planning attorney and follow their advice. If your will is ripe for challenge, the desired objects of your bounty will have to hire a skilled estate and trust litigator like me, and that litigation is very expensive.
George Taylor is a partner in Brinkley Morgan's Estate and Trust Litigation and Business Litigation practice groups. His Estate and Trust Litigation practice focuses on helping families and fiduciaries solve legal problems related to fiduciary litigation, will and trust contests, trust accountings, breaches of fiduciary duty, removal of personal representatives (executors) and trustees. Taylor earned his Juris Doctor from Nova Southeastern University's Shepard Broad College of Law, where he graduated 4th in his class.
https://www.newsmax.com/finance/streettalk/last-will-estate-planning/2023/08/10/id/1130350/
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