A handwritten will discovered in the couch of the late Aretha Franklin has recently gained attention due to a legal dispute. Although the jury upheld its validity, this case serves as a reminder that not all self-written wills hold up in court.
The will, dating back to 2014, was found in 2019 following Franklin’s passing. It contained scribbles and difficult-to-decipher passages. In contrast, another will from 2010 was also discovered during the same period, locked away in a cabinet at Franklin’s suburban Detroit home. Unlike the 2014 will, the 2010 version had the advantage of being notarized. However, the jury determined that the 2014 will should be recognized as valid, according to the Associated Press.
As news of this legal battle spreads, Matthew Bowden, a certified financial planner with RFC Financial Planners, suggests that individuals consider reevaluating their estate planning strategy. Bowden emphasizes the importance of ease and reduced stress for loved ones, concluding that consulting an estate planning attorney to ensure accuracy and avoid costly mistakes is still a wise decision.
It’s worth noting that many states do not recognize handwritten wills. Even if handwritten, they should still be notarized and witnessed, states Nicholas Bunio, a certified financial planner with Retirement Wealth Advisors. Bunio stresses that it remains crucial for the average person to have a professionally-drafted will stored in a secure location, along with powers of attorney documents for medical and financial matters.
Bunio warns against the potential consequences of relying solely on handwritten or poorly executed wills. In emergency situations, having to seek court intervention to determine validity can waste valuable time and money. Moreover, any missing elements in such wills may result in unfavorable outcomes.
While celebrity estate planning mistakes often grab headlines, it is essential to recognize that confusing, outdated, or nonexistent estate plans are not uncommon among the general population. Edward Silversmith Jr., an associate portfolio manager with the Wealth Enhancement Group, views the Aretha Franklin case as a valuable lesson for his clients.
Planning Ahead for a Secure Future
It’s no secret that planning for the future is crucial, especially when it comes to matters of inheritance and estate planning. The recent case of Aretha Franklin’s handwritten will serves as a wake-up call for us all. While any form of will is better than none at all, leaving a handwritten will can have its complications.
Elder law attorney and professor, Patrick Simasko, emphasizes that no parent wants to see their children embroiled in bitter disputes over money and belongings. Yet, this is exactly what happened in Franklin’s case. Simasko suggests that it’s always about the money, even if families claim otherwise. In such instances, the intervention of lawyers often becomes necessary to settle the conflicts.
Financial adviser David Mendels warns against the perils of relying solely on a handwritten will. While the courts may attempt to discern your intentions, Mendels stresses that leaving no room for ambiguity is essential. He cautions that you won’t be around to fix any misinterpretations or offer explanations when the time comes. The true value of a will lies in providing clarity and ensuring your loved ones are left with a harmonious future.
Nicole Gopoian Wirick, a lawyer and certified financial planner, echoes Mendels’ sentiment. She considers leaving behind clear instructions and a well-defined legacy to be one of the greatest gifts one can give their loved ones. Avoiding ambiguity and conflict over inheritance can preserve the unity of even the closest families.
In conclusion, we must take ownership of our future by planning ahead. This means prioritizing proper estate planning and ensuring our wishes are communicated clearly. By doing so, we provide our loved ones with the support and guidance they need during challenging times.