By Paul Schmitt
Not having a will in place before your death can leave uncertainty to your estate. Famous entertainers like Prince and most recently Aretha Franklin died without leaving a will. Legal challenges are common when people die without a will or estate plan. In Franklin’s case, her estate is estimated at about $80 million, according to the Washington Post. Bob Ross of Ross Estate Planning says it doesn’t matter if your estate is worth millions of dollars or just a few thousand, everyone should have their final wishes in writing.
Ross says having passwords updated and chronicled is very important as well. He says the most important document to have in your estate plan is a good financial power. According to intestate succession laws in Michigan, Franklin’s four children will receive equal shares of her sizeable estate.