Queen of Soul Aretha Franklin died at the age of 76 having not drafted a will. Leaving four sons and no married spouse, under Michigan law the combined assets of the singer will be divided equally amongst the four sons. As of yet, there has been no sign of conflict amongst the sons, however instances such as this whereby the deceased's wishes aren't in writing, tensions between family members may lead to legal battles and, worse, family breakdown.

Franklin's tangible assets amount to a hefty sum, with several pieces of property amounting to at least $2 million. Franklin's estate worth is also rumoured to run into the tens of millions. However, the IRS still have to establish their value and then claim back any taxed owed, which may take a matter of years. In the meantime, Franklin's finances are aired amongst press and her social circle which, according to Don Wilson her lawyer, she would not have wanted to do.

With this in mind it is important to know how to protect your own assets for your family and their future. Insurer Aviva's Real Retirement Report found that more than two-fifths of those over 55 have not yet go round to writing a will. 

Why is it so important?

When there is no will, the government decides what happens with your money. Even if you have a legal spouse or civil partner there is no guarantee that they will get everything. After a spouse, the next in line for inheritance of assets is children or grandchildren, then parents, siblings, half-sibling and so on. However, this does not take into consideration your feelings towards those relatives which means that you are unable to control who YOU would want to receive the money and who you would not. In the instance where there are no relatives, the estate passes on to the Crown in a rule known as the law of intestacy.

Did you know there are different types of wills? They differ according to your situation or wishes. For example, there are 'mirror' wills which are drawn up alongside your partner's wills that mirror the same or similar wishes. Emma Myers of Saga Legal Services says, 'Having the wrong type of will could have repercussions on what happens to your estate and how it is divided when you die'. 

What happens to your children after you die? If you want someone in particular to look after your children then this needs to be appointed in a will, otherwise social services take control of deciding who should care for your children in the event that both parents should die. 

The cost of writing a will. A solicitor drawing up a will normally charges between £150 and £200 for a single will and £200-£400 for a mirror will. Any extras will cost more. Some charities offer a free will writing service in the hope that they will be remembered in the last wishes, whilst other online providers such as Co-Op and Saga offer a fixed-fee service. 

Pay a few hundred now - save thousands in tax. Assets valued over £325,000 will have to pay 40% inheritance tax if the assets are not all left to a spouse or civil partner in your will. Then, that spouse or partner can leave up to double that amount in their will free of inheritance tax when they die. 

Try not to cut corners. Some will writing services are not official and you can run the risk of making your will invalid. Although it is more expensive, getting a solicitor to write your will can provide peace of mind that no mistakes have been made and that the document is official and valid. If you do, however, go for an alternative will writing service make sure it is a member of either the Society of Will Writers (willwriters.com) or Institute of Professional Will Writers (ipw.org.uk)

Marriage cancels out any previous will, as does divorce. If you divorce or are due to marry or re-marry, you will need to re-write your will with an update on your status and who you want your money to go to in the event of death.

Executors. Executors, those who are named in the will as the distributor of your wealth and wishes, will need instructions on 'digital legacy'. This means that any money you have in online bank accounts or social media presence will need to be accessed by an executor upon your death. You will need to provide access login details and passwords in order for this distribution of your online wealth.