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Aretha Franklin Died With No Will, Complicating Distribution of Wealth

Aretha Franklin Died With No Will, Complicating Distribution of Wealth

Aretha Franklin performs at Radio City Music Hall on February 17, 2012 in New York City. (Jamie McCarthy/Getty Images)

By    |   Wednesday, 22 August 2018 12:33 PM EDT

Aretha Franklin died with no will in place to distribute her fortune, which is believed to be worth millions, according to reports.

The world was left in in mourning last week following news that the 76-year-old "Queen of Soul" died of pancreatic cancer but as the initial shock settles, attentions now turn to her wealth.

Franklin's net worth is estimated to be roughly $80 million, according to People magazine.

"I would expect that she has a house, probably a financial account of some kind — a brokerage account, stocks, bond, cash. She probably has investments of a wide variety — perhaps in real estate ventures, other businesses that she may own or have an interest in," Kenneth Silver, a shareholder at Hertz Schram law firm in Michigan, told People.

That she died "interstate," or without a will, now raises questions about what will become of her wealth.

TMZ reported that Franklin was likely ill for several years and it came as a surprise that she had not drafted a will, especially considering that she has a special needs son who will require financial aid and support for the rest of his life.

According to state law, all remaining assets are passed down to the decedent's heirs when no will is in place, Business Insider reported.

In Franklin's case, all her remaining assets will be divided equally among her four children.

The soul singer's Los Angeles attorney, Don Wilson, who has represented her for nearly 30 years in entertainment matters, told The Detroit Free Press that he hoped Franklin's estate did not end up too hotly contested.

Her four sons listed themselves as interested parties in her estate in a document filed Tuesday and Franklin's niece Sabrina Owens has reportedly requested that the court appoint her as personal representative of the estate.

Wilson said that there "always ends up being a fight" whenever a will or trust is not in place and that he had been after Franklin for "a number of years to do a trust," The Detroit Free Press noted.

"It would have expedited things and kept them out of probate, and kept things private," he said.

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TheWire
Aretha Franklin died with no will in place to distribute her fortune, which is believed to be worth millions, according to reports.
aretha franklin, will, wealth
358
2018-33-22
Wednesday, 22 August 2018 12:33 PM
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