Aretha Franklin's ongoing estate battle shows the importance of having a proper will

cnbc.com:

History is filled with examples of celebrities who died without a will: Bob Marley, Prince, Howard Hughes, Pablo Picasso, Jimi Hendrix and even Abraham Lincoln.

But an ongoing legal dispute involving music icon Aretha Franklin's estate is the latest high-profile illustration of why it's important to have a formal estate plan, even for noncelebrities.

«Everybody should have either a will or a trust,» said Richard Behrendt, an estate planner based in Mequon, Wisconsin.

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"[Otherwise] state law will dictate where your property goes," he said. «But it might not be where you wanted it to go.»

A will is a legal document that details your wishes for your property and assets upon death. In other words, it spells out who gets your stuff and in what amounts. Parents with minor children can also nominate a legal guardian for their kids.

You also name an executor in your will to ensure your wishes are followed.

If someone dies without a legal will, it means they die «intestate.» Each state has laws that determine how an estate's property is divided in those circumstances.

Franklin didn't have a formal, typewritten will. Instead, she jotted down her wishes on two handwritten wills — one dated in 2010 and another in 2014. Both were discovered in Franklin's Detroit home months after the Queen of Soul's death from pancreatic cancer in 2018.

Franklin, who died at age 76, had four sons. The current legal dispute is between her sons, who disagree over which handwritten will should govern their mother's estate. Their jury trial started Monday.  

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