In this article, Randy discusses the estate planning woes of the late singer Aretha Franklin and draws lessons for financial advisors. Despite being a wealthy and famous individual, Aretha Franklin did not leave behind a formal, typewritten will when she passed away, resulting in complications in transferring her $80 million estate. Two handwritten wills were discovered after her death, leading to disputes among her heirs. The article highlights the importance of thorough estate planning and emphasizes that wealthy clients may not necessarily have their affairs in order. Advisors should ask the right questions, be proactive, and not assume that affluent clients have their estate planning in place. Additionally, the article stresses the significance of maintaining the privacy of financial affairs through proper estate planning methods, like revocable trusts.
