All articles tagged with #wills
A 2026 Trust & Will report shows most Gen Xers haven’t prepared estate documents (62% lack a will or trust), with only 26% nationwide having a will and 14% a trust; overall 56% of adults have no estate planning documents. Delays are linked to procrastination, a shortage of estate‑planning attorneys, and a rise in online planning tools, with experts urging everyone to have at least a will.
Warren Buffett advises parents to discuss their wills with mature children before signing, to ensure they understand the logic and responsibilities involved. Estate planners generally agree, noting that such discussions can prevent family conflicts and resentment. However, some experts caution that not all families may benefit from this approach, as it could lead to hurt feelings or estrangement. Instead, they suggest including explanatory messages in the will to clarify decisions posthumously.
The trial to settle the estate of the late Aretha Franklin began in Pontiac, Michigan, with two of her sons testifying before a jury. The trial will determine whether a four-page document written by Franklin in 2014 qualifies as a will under Michigan law. Another document from 2010 has already been agreed upon as a valid will. The trial will help determine the final wishes of the iconic singer, and the jury's decision will either put two competing wills on the table or leave just one. The estate, valued at $18 million, will be apportioned among Franklin's sons and other potential heirs based on the prevailing document.
A trial will determine which of two handwritten wills left by Aretha Franklin, the late singing star, will be honored. The legal action involves millions in royalties, as Franklin never created a formal, typewritten will despite her health problems and musical legacy. One will, dated 2010, was found in a couch, while another, dated 2014, was discovered in a notebook under cushions in Franklin's home. The sons have differing opinions on which will should control the estate. Michigan law states that a handwritten will is valid if it's in the deceased's handwriting, dated, and signed.
Five years after the death of music superstar Aretha Franklin, an unusual trial is set to begin to determine which of two handwritten wills, including one found in couch cushions, will guide how her estate is handled. The dispute involves her sons, with one son favoring a 2010 document and the other sons favoring a 2014 document. The wills differ in terms of executors and provisions, but both indicate that the sons would share income from music and copyrights. The trial will determine which will is valid and how Franklin's assets, including real estate and royalties, will be distributed.
Creating an estate plan is important for everyone, regardless of wealth, as it spells out who will make decisions and inherit assets. A will may not cover all bases, as beneficiaries listed on accounts will receive the money regardless of what the will says. Careful consideration should be given to picking an executor and assigning powers of attorney. Assets such as stocks, bonds, and real estate may get a "step-up in basis" upon death, making it more beneficial to wait before gifting them. Setting up a trust can be a good option for those who want to control how and when their beneficiaries receive money. Estate plans should be reviewed and updated after major life changes.