It’s not unusual to find out interesting things about famous people, especially after they die. Astonishingly, related to Aretha Franklin, it is reported that the pop diva died without a will.
Referred to as dying intestate, given that her outstanding career likely made her a multi-millionaire, her money will as a result, be locked up in the courts and the IRS for a very long time.
Intestacy reflects the case of nearly 50% of Canadians.
Where there is no will, there is no way:
that your assets (and minor children) end up where you want them to,
how you want them to,
when you want them to
and as inexpensively as you might want them to.
Simply put, no will means the Government (provincial) decides how it goes for you. And they charge nicely for doing so. It’s the same when you’re missing Powers of Attorney for health and property.
The moral of these stories always is: please prepare your legal paperwork on your terms. Don’t leave it up to the government.
Our help is available if you need it. Please call or write.
Peter B Fraser CIM® FCSI® RFP CFP®
Investment Advisor Manulife Securities Incorporated
Life Insurance Advisor