Skip to content

RESPECT!

Estate Planning the Right Way - Part 3.

Image of Aretha FranklinIntroduction

We are guessing that most of you will immediately recognise this face, especially if you were born somewhere between 1940 and 1980.

It is of course the legendary…..

ARETHA FRANKLIN.

Aretha’s ‘trademark’ hit is “Respect” – released in 1967. Those of us who were around at the time also remember these hits that have also become classics – hit songs such as:

  • “I Never Loved a Man (The Way I Love You)”, 
  • “(You Make Me Feel Like) A Natural Woman”,
  • “Chain of Fools”,
  • “Think” and
  • “I Say a Little Prayer”.

 

Click on the image below to hear Aretha singing her hit song – “Respect“. ENJOY – 

Image of Aretha Franklin singing Respect"

Aretha died on 16th August, 2018, aged 76, after a long battle with pancreatic cancer.

What Happened With Aretha Franklin's Estate?

The Headlines (11 July 2023):

“Jury reaches verdict in battle over Aretha Franklin’s estate”

Aretha’s estate, estimated to have a value of around $USD6 million, was the subject of a long, drawn-out battle between the singer’s children. In brief, this legal stoush was the consequence of the relatives finding two handwritten Wills, dated 2010 and 2014. The jury in the final court proceedings ultimately decided in favour of the 2014 document.

Though not a vast fortune in this instance, the outcome of Aretha not having a legally prepared Will should be taken as a lesson in practice by everyone, that is – if you haven’t got a recently reviewed Will in place, then DO IT NOW!

It took a long 9 years for Aretha’s estate to be settled. All this after a battle royale between the beneficiaries, family relationship breakdowns and of course – extensive litigation costs.

FINAL WORD:

Have RESPECT for the legacy you leave when your own estate has to be settled. This entails having RESPECT for the physical, mental and financial health and well-being for those whom you wish to truly benefit from your legacy.

How FBA Can Help You With Your Estate Planning

At Family Business Advisory (FBA), our purpose is to help family businesses succeed on a sustainable basis. As such, we provide you with access to specialist family, business and technical services with a goal being to generate opportunities for families in business.

In order to complement our own particular specialised skills, over the past several decades, we have developed a network of trusted, professional advisers in such areas as:

Image of Services spectrum

Moreover, we work at all times to give you peace of mind and proactive support to help navigate any changes in the market brought about by legislative changes, geopolitical events and general market conditions – all to maximise your personal wealth and security.

These services are provided by FBA, in association with the Wealth IQ Group.

Book an Appointment

Contact Us

Get in touch now to discuss other financial matters:

Discover more from Family Business Advisory

Subscribe now to keep reading and get access to the full archive.

Continue reading