Picture: Aretha Franklin poses for a portrait in 1967. Atlantic Records.
Many assume that dying without making a Will means their estate will pass to their surviving spouse. However, in cases where estate values exceed £450,000 it’s possible children will also receive an immediate interest.
Where there are high value, income-producing assets (just like the rights to the Queen of Soul’s back-catalogue) this could mean a serious detriment to the living standards of the widow(er) left behind. When you take into account we live in an age of step-children, blended families and family break-ups, your estate could easily end up passing to someone who you do not want to benefit – even if your only asset is your home or a small bank account, having a Will to deal with it will give you peace of mind that the people you want to benefit should do so.
For more information about why you need a will, read our free guide here.