Michael Jackson’s Will Answers Few Questions
July 7, 2009
The past week has been filled with media speculation about Michael Jackson and his will: Did he have one and what might be in it? Well the waiting is finally over… kind of. It turns out Michael Jackson did create a will, which was submitted to the California probate courts earlier this week. The will (which can be viewed here) is five pages long, and because it pours “my entire estate” into the Michael Jackson Family Trust, the will itself reveals very little about the specifics Jackson’s estate or his instructions regarding the administration of it.
A will, although it can remain private during your lifetime, becomes a matter of public record once it is submitted to the probate courts after your death. But a trust is a private document, and in most cases remains private even after your death.
Jackson’s will does reveal a few details, though, namely who he chose as guardian for his children. In paragraph 8 of his will, on page 4, just above his signature, Jackson states:
“If any of my children are minors at the time of my death, I nominate my mother, KATHERINE JACKSON as guardian of the persons and estates of such minor children. If KATHERINE JACKSON fails to survive me, or is unable or unwilling to act as guardian, I nominate DIANA ROSS as guardian of the persons and estates of such minor children.”
Whether Jackson’s wishes for guardianship will be followed remains to be seen. As Jackson’s ex-wife and mother of his two oldest children, Deborah Rowe would normally automatically be awarded custody. However, there are still too many unanswered questions about the status of Rowe’s parental rights—and her desire to assert those rights—to make any claims for certain.
The one thing that is certain, however, is that whatever odd and inexplicable things Jackson may have done during his life, he seems to have done what he should to provide for his family’s financial needs and their privacy after his death.
Have you done the same?
Michael Jackson’s Death Leaves A Legacy of Questions
June 27, 2009
Michael Jackson’s death on Thursday shocked the world. As fans and mourners line up to pay their respects (and snap up Jackson music and merchandise) the question now on the minds of many is: What will happen to Michael Jackson’s estate and to his children?
It is still too early to know what legal steps Jackson may have taken to handle his estate and protect his three young children. But the truth is that even if Jackson does have all the requisite estate planning documents in place, execution of his wishes is not likely to be simple. According to this article in the associated press Jackson was deep in debt at the time of his death—so much so that one source wonders, “[will there be] anything left after you pay off the debts?”
But the more immediate question for many people—especially parents—is what will happen to Jackson’s children? Jackson had full custody of his three children (two by ex-wife Debbie Rowe and one by a surrogate mother, both of whom gave up their custodial rights), and although no guardianship documents have yet been revealed, according to news sources “it was Jackson’s intention for his children to pass to his mother, Katherine,” should anything ever happen to him. However, rumors that Rowe plans to battle for custody, and that his 79 year old mother may be in poor health, promise that this too is not likely to be a straightforward process.
It seems that the days of simple wills are a thing of the past. Even for your average Joe, blended families, shared assets, managed debt and the need to provide care arrangements for dependents, make the execution of an estate plan more convoluted than ever. Does this mean we shouldn’t even try? Quite the contrary. It means that it’s more important than ever to document your wishes for your children, family and estate, and to update these plans as your family circumstances change.
The Most Important Part of Your Estate Plan
April 7, 2009
What is the most important component of an estate plan? This is a question that comes up a lot in our practice, and as you might guess, different families will have different answers.
The Trust: Many families feel that this is the heart of the estate plan, and as such the most important part. As the document that outlines your wishes for distribution amounts, designates beneficiaries, nominates trustees, defines your incapacity and lists your assets—there is definitely reason to think the trust an important part of your plan.
Healthcare Directive: Some people are more concerned with how their end-of-life wishes are carried out than with the distribution of their estate. Those people consider the healthcare directive—the document that sets out your wishes for medical treatment, resuscitation, and healthcare agents—the most important component of an estate plan.
Guardianship Documents: Parents of young children are often more concerned with the guardianship portion of their estate plan than any other portion; they trust that as long as their children are in the hands of loving and responsible guardians all the rest is secondary.
The Will: Some believe the will to be the most important document. This is especially true of single people at the older or younger end of the spectrum, who feel they don’t have enough assets to require a trust.
Powers of Attorney: Very few people feel this document by itself is the “most important”, but most people understand that as the document that confers fiduciary powers on your chosen agents, the Power of Attorney has an importance of its own.
These components are all helpful and necessary pieces of an entire estate plan, but the most important part of your estate plan is something else entirely; something grantors and beneficiaries, rich and poor, young and old, attorneys and clients alike can all agree on—the most important part of your estate plan is creating it!
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