What you want
Baby, I got it
What you need
Do you know I got it?
It’s a WILL
Aretha Franklin, known by many as the Queen of Soul, died just a couple of months ago at age 76. She had four living children by multiple partners, her first at only 12 years old. Aretha was married multiple times but was not married at the time of her death.
To quote her own song “Sweet, sweet baby”, Aretha, “since you been gone why did you do it, why did you have to…” die without a will.
As a business and estate attorney, it is always tough to understand why someone would not want to choose where their worldly possessions go, especially in a situation like Aretha’s where there are tens of millions of dollars, publishing rights, and many variations of family and friends who she might have wanted to inherit.
Like Michigan, in Pennsylvania, if you die without a will there are default rules governing the disposition of property. Under Pennsylvania’s Estate and Fiduciary Code, an intestate succession depends on whether or not you have living children, parents, or other close relatives when you die.
Here is a quick overview of who gets what in Pennsylvania if you do not have a will.
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If you die with: |
Here’s what happens: |
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Children inherit everything
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Spouse but no descendants or parents
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Spouse inherits everything
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Spouse and descendants from you and that spouse
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Spouse inherits the first $30,000 of your intestate property, plus 1/2 of the balance
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Your descendants inherit everything else
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Spouse and descendants from you and someone other than that spouse
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Spouse inherits 1/2 of your intestate propertyDescendants inherit everything else
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Spouse inherits the first $30,000 of your intestate property, plus 1/2 of the balance
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Parents inherit remaining intestate property
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Parents but no spouse or descendants
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Parents inherit everything
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Siblings but no spouse, descendants, or parents
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Siblings inherit everything
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In my practice, when someone dies and their loved ones come to me without a will, my heart sinks a bit. I want to fulfill the wishes of the person who passed and give their valuables to who they would want them to go to in the most tax efficient and advantageous way possible. Without a will or living trust, that probably won’t happen.
Aretha should have had a lawyer draft a will. Without a will, we cannot know if her wishes will be fulfilled or if her fortune will go to the people she wanted it to. We also cannot know if those who do receive an inheritance will get it in the most tax efficient and advantageous way.
Do not be like, Aretha and leave your inheritance up to your state’s default laws. Get a will or trust and regularly update it to be sure that when you pass away your wishes will be fulfilled and your assets will go where you want them to in the most tax efficient advantageous way possible.
