Do you have a will? What will happen to Aretha’s Estate?
The recent news that Aretha Franklin died on 16 August 2018 intestate (without leaving a will) ought to prompt the millions of people who have not made wills to reflect. The Queen of Soul reportedly left a fortune equivalent to approximately £62m.
When someone dies in England intestate the intestacy rules apply. The rules only apply to property that the deceased could have left by will. Whether a family member has an entitlement under the intestacy rules depends on their relationship to the deceased and whether there are other closer relatives. There are detailed rules where there is a surviving spouse or civil partner.
There are many reasons to make a will. It enables your family to administer your estate more easily which can assist during what is likely to be a difficult time for them, it may reduce the amount of inheritance tax which has to be paid and you can have your say about how your estate will be shared out.
Written by Claire Stewart