Re: Good grief, no will

cherry · ‎03-09-2010

I just wanted to add she might have put everything into her children's names, while she was still living

This way they would avoid inheritance taxes, I think. I doubt she just left things up to fall where they may

She might not have trusted lawyers, and wanted to make sure that what she had, went to her children ,without having to pay probate taxes

She was one of the people who were smart enough to amass a fortune, without burning through it, nor being cheated by her manager

shoekitty · ‎03-10-2010

Some people think it is too much trouble or money to do a will. In california if you do not have a trust, forget it...probate puts a hold on your assets. Then THEY hire the state attorneys, then someone can be nominated to be executor. But not after most is impounded in attorney fees.

I am sure Aretha had plans or an agreement of some sort. It can't be verbal. But if you write where you want your assets to go, it is good as gold. Doesnt stop people from contesting though.

is better to donate all your money if you hate your relatives, or don't have any. Never know what is in the minds of people who do not have wills. Some people are so so sure they will never die until they do ot. The horror, fighting, lost relationships I have seen under these circumstances. I jave seen siblings hate each other forever over a lamp. True story. What did Jesus say about Mammon? True true true

RetRN · ‎10-01-2013

@chrystaltree, Prince was very wealthy, did he have a will? I think not.

Not everyone has a will, it is a personal choice. Worry about yourself only.

Blahblahvampemer · ‎08-31-2010

@Lipstickdiva wrote:
@Just Bling wrote:
The only people who will benefit from her death will be the lawyers.

The one lawyer was quoted that he tried, well, he didn't try hard enough nor do I believe he wanted to. If everything was done ahead of time, his share would be greatly reduced as to how much he will be charging now.

You can't make someone sign a Will who doesn't want to.

I can also tell you that our firm would much rather deal with an estate where there is a Will than one without. All the way around that is a major headache and hassle.

But depending on how things were set up, maybe she didn't really need a Will. Maybe she has everything in a Trust? Maybe everything was in survivorship form or payalbe on death, had named beneficiaries so it would pass outside of probate.

Will or no Will when you have that kind of money, the federal government is going to take their share. Michigan does not have an estate tax so for that purpose, whether she had a Will or not doesn't matter. Actually even if they had an estate tax it wouldn't matter.

I think there are still people under the assumption that if you die without a Will, the state gets your money.

The state likely will take most or all of an estate unless you have some kind of family to claim it. Without any way to dispose of the estate, court costs will mount up, and eventually the state will take the assets like they would unclaimed bank accounts and safe deposit boxes. Someone could still make a claim, but the property has to go somewhere. Because Aretha didn't designate the creation of a trust/foundation, the Feds are going to take a large chunk of the millions she left behind.

In my case, I have no direct heirs, and if I die without a will, the state could seize everything.

Read it! New England Journal of Medicine—May 21, 2020
Universal Masking in Hospitals in the Covid-19 Era

“We know that wearing a mask outside health care facilities offers little, if any, protection from infection.

beckyb1012 · ‎03-09-2010

@Blahblahvampemer wrote:
@Lipstickdiva wrote:
@Just Bling wrote:
The only people who will benefit from her death will be the lawyers.

The one lawyer was quoted that he tried, well, he didn't try hard enough nor do I believe he wanted to. If everything was done ahead of time, his share would be greatly reduced as to how much he will be charging now.

You can't make someone sign a Will who doesn't want to.

I can also tell you that our firm would much rather deal with an estate where there is a Will than one without. All the way around that is a major headache and hassle.

But depending on how things were set up, maybe she didn't really need a Will. Maybe she has everything in a Trust? Maybe everything was in survivorship form or payalbe on death, had named beneficiaries so it would pass outside of probate.

Will or no Will when you have that kind of money, the federal government is going to take their share. Michigan does not have an estate tax so for that purpose, whether she had a Will or not doesn't matter. Actually even if they had an estate tax it wouldn't matter.

I think there are still people under the assumption that if you die without a Will, the state gets your money.
The state likely will take most or all of an estate unless you have some kind of family to claim it. Without any way to dispose of the estate, court costs will mount up, and eventually the state will take the assets like they would unclaimed bank accounts and safe deposit boxes. Someone could still make a claim, but the property has to go somewhere. Because Aretha didn't designate the creation of a trust/foundation, the Feds are going to take a large chunk of the millions she left behind.

In my case, I have no direct heirs, and if I die without a will, the state could seize everything.

The state nor the Feds. will take her Estate. If no spouse then you go down looking for heirs, children, grandchildren and such. If none then you go up parents, ect.... Then you go off to the side, siblings. Finally if need be you go looking for cousins of the Deceased, not to mention nieces and nephews. Aretha has plenty of family to have passed intestate @Blahblahvampemer.

"Live frugally, but love extravagantly."

Cindy-QVC · ‎06-14-2015

Moved:

This post has been removed by QVC political

shortbreadlover · ‎06-25-2018

when my mother died, she had a will and everyting went smoothly. when her brother died, he left no will and it was a major fight. it pays to have a will even if you leave nthing

Warrior2022 · ‎05-31-2018

@kivah wrote:
A friend's father died a few years ago and didn't leave a Will. He had 2 daughters in their 40s - so it would have been so easy to make a Will. He also had a prior heart attack --- and it cost my friend $80,000 in attorney fees and took a couple of years. So STUPID of her father. I really don't get it.
I had cancer 12 yrs ago and immediately had a Trust set up.

My mother died with a will and I wish she hadn't had one. 4 years later as the executor of her estate and the child she left everything to it has been a mess. My sibling had no contact with my mother for over 10 years and just won't quit. BTW there is no money but she insists there is. Also I allowed my sister to take whatever she wanted, even things I wanted just to keep the peace.

kivah · ‎03-11-2010

@RetRN

People who should know better - and don't leave a Will - want everyone to fight over their estate!!!! And - they love when part of their estate goes to the Attorneys.