December 1st 2023.
Aretha Franklin and Prince were two of the most influential artists of all time, but both died without leaving a will. As The Detroit Free Press reported, this could lead to a long and contested court battle over Franklin's estate, including her copyrights, published songs, and other intellectual property.
One can only imagine what Prince would have thought of the public spectacle surrounding his financial life. He worked hard during his life to protect his privacy, and the details of his assets have been thrust into the spotlight. Lori Anne Douglass, an estate-planning attorney at Moses & Singer in New York, believes that Prince simply thought he had time. She said, “For someone who worked so hard to be private and maintain control of his own music, it doesn’t make sense that he gave up his power in this way. The most important thing we learned from Prince is that you simply never know when you’re going to die.”
Ms. Douglass pointed out that while Prince may not have had a will, a trust would have allowed him to protect his privacy. This information is private, whereas wills are public. Unfortunately, Prince and Franklin are not alone in not having an estate plan. According to Legalzoom.com, nearly 70% of Blacks in the United States die without a will.
Earl G. Graves Sr., founder and publisher of BLACK ENTERPRISE, called the lack of estate planning a crisis. He wrote, “Not only does this put our ability to transfer wealth to future generations at risk, it also comes at a tremendous cost. Without an estate plan, your assets fall subject to probate. According to one estate planning firm, probate costs surviving families a collective $2 billion annually – including more than $1.5 billion in attorney fees.” He went on to say, “What’s at stake? How about more than $1 trillion in black spending power? How much of that are we willing to lose to probate, estate taxes, and other costs we need to plan for? What about the homes and other real estate we’ve acquired, and our investment portfolios, including retirement plans and other savings? What about the nearly 2 million businesses owned by African Americans?”
Ms. Douglass suggested that the first step in estate planning is to get your disability documents in order through a healthcare proxy and power of attorney. She said it is also important to make sure you have the correct beneficiary designations on things like employer benefits and insurance. In addition, she recommended consulting an attorney for advice and guidance. With a little bit of planning, we can ensure that our hard-earned wealth will be passed on to future generations.
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