Today we will speak about three well know artists, their decision to write or not to write a will, and how that turned out for them.
Let’s start with Michal Jackson (1958-2009).
Michael Jackson was a singer, songwriter, and dancer. He was known as the King of Pop and regarded as one of the most significant cultural figures of the 20th century. At one time his fortune was estimated to be around $500 million.
On 2002 (five years before his death) he created the “Michael Jackson Family Trust” where he gave clear instructions of what to do with his wealth in case he died. The will went through the legal procedures and was approved by the court.
This was clearly smart planning and an example that all of us should follow.
Aretha Franklin (1942-2018)
Aretha Franklin was a singer, songwriter, and pianist. She was often referred as the Queen of Soul. With over 75 million record sales, she is considered as one of the best-selling music artists.
When she died, it was reported that here net worth was about 80 million. She was initially thought to have died without a will, but then a handwritten will was found in her couch.
A handwritten will is considered a legal will under Michigan law. Handwritten wills are sometimes called holographic wills. Holographic wills does not require witnesses. As long as you handwrite it on paper and sign it, a holograph will is legally binding. Notice that it must be written by hand by the person, as oppose to printing a document and then signing it.
In Quebec, where I live, a holograph will is legally binding. I do a holographic will every year.
Prince (1958-2016)
Prince was a singer, songwriter, musician, and record producer. During his lifetime, Prince amassed a fortune estimated at more than $300 million. Unfortunately Prince had not written a will.
As of his death, the twice-divorced Prince was neither married nor known to have fathered any surviving children. Under Minnesota law, the absence of a will meant that, in addition to his full sister, Prince’s five half-siblings also had a claim to an estate totaling millions of dollars in cash as well as real estate, stocks, and cars. Within three weeks of his death, 700 people claimed to be half-siblings or descendants.
As you can see, dying without a will can be very messy and complicated.
The lesson for every one is to get a will. Ideally a notarized will, but a handwritten will is also legal. Take one afternoon off, get a legal path, write your will, sign it, and put it on a safe place where it can be found in case something happens to you.
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