Another Member Of Music Royalty Dies With No Will
Published Friday, August 24, 2018 at: 7:00 AM EDT
Legendary singer, Aretha Franklin succumbed to pancreatic cancer at the age of 76 on August 16, 2018, and she was accorded funeral rites usually reserved for heads of state. But the diva who famously demanded respect, sadly, died without a will.
Her estate is subject to probate, and a long-drawn out public legal proceeding to hear claims by her four children and other relatives — an undignified end for music royalty.
While Ms. Franklin was a genius by most measures and her music legacy lives on, she appears to have had a blind spot when it came to money and, perhaps, mortality. A minister's daughter, the Queen of Soul, was known to demand payment in cash before performing live and keep the cash near her onstage.
Probate proceedings have often resulted in public family fights and big legal fees, and music rights owned by an artist heighten the stakes and greed. The case of Prince, who died in 2016 without a will, has reportedly led to family disputes and revocation of a multimillion-dollar music deal.
Instead of leaving a legacy defined on her own terms, Ms. Franklin's family is subject to a public probate proceeding, which can turn ugly.
If you do not have a will or know you have a blind spot around dealing with money and planning properly, please call and let us try to help you.
This article was written by a veteran financial journalist. While the sources are believed to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.
- Amid Stock Market Turmoil, +2.3% Growth Projected In 2022
- Staying On Track Amid The Ukraine And Inflation Crises
- For Investors, 2022 Is Turning Into A Test
- Is The Economy Brightening? Or Is The Federal Reserve Slamming The Door On Growth
- Financial Economic News In Perspective
- Stocks Closed Lower This Week On Inflation Fears
- The Main Risk To Investors Now Is Federal Reserve Policy
- Service Sector Jobs Are Catching Up
- Stocks Returned +8.3% More Annually Than 90-Day T-Bills In Past 20 Years
- Perspective Amid A Moment Seeming Fraught With Investment Risk
- Two Years After The Pandemic Began
- Turning The Page On A Dark Period In History
- Russia-Ukraine War Erupted And Inflation Worsened But Outlook Drove Stocks Higher For The Week
- Investment Perspective Amid Risks Of Fed Tightening, Covid Variants, And European War
- S&P 500 Lost -1.9% Friday; Latest U.S. Economic Data Are Strong
- January Job Formation Figures Crushed Expectations, Amid A Shortage Of Workers
- S&P 500 Closed Up 2.4% Friday After A -10% Correction
- Stocks Declined Sharply, Even As Economists Expect 3% Growth In 2022
- Should You Care About Wall Street Stock Market Predictions?
- Weekly Economic Update For Investors