Santa Clarita Wills & Trusts Lawyer Discusses Lessons from Michael Jackson

Personally, I was sad to hear about Michael Jackson’s death. Part of me always admired his accomplishments, and I was curious to see how his career would continue unfolding.

For a fellow that many considered quite strange, Michael Jackson really got some things RIGHT when it came to planning for his estate. Some lessons can be learned as the story unfolds before us.

Here are FIVE MAJOR LESSONS Michael Jackson leaves behind:

Lesson #1: GET YOUR LEGAL DOCUMENTS IN ORDER: Michael had his legal documents in order. Around 66% of Americans have absolutely no plan whatsoever. As a result, much of his affairs will likely remain private, and his wishes will likely be followed.

Lesson #2: BE SPECIFIC ABOUT WHO INHERITS: Michael avoided potential misunderstandings by naming each of his children and specifically excluding the mother of his two older children, Debbie Rowe, from any inheritance. While that may not have been necessary, because the couple were no longer married, but it makes clear that Jackson purposely omitted her, rather than committing an oversight. Anna Nicole Smith’s documents did not mention her daughter which led to a great deal of argument in the courts. His living trust purportedly gives some of his estate to his children, some to his mother, and some to charity. Without the right documents, his wishes would be easily thwarted.

Lesson #3: A LIVING TRUST CAN BE HELPFUL: Michael Jackson had a living trust. While assets in a trust avoid the court-involvement of probate, a trust also provides for family privacy. As such a public figure, he probably wanted to keep things as private as possible. Truth be told, most families and individuals would rather their affairs remain private. His children will also be cared for and their money will likely be managed properly. By having a solid trust, his wishes are much more likely to be followed.

Lesson #4: NAME GUARDIANS FOR YOUR KIDS: Michael named guardians for his children. In writing his will, Jackson named guardians for his children, all of whom are minors. Without doing so, the court would have made the choice about who would raise the kids. Jackson selected his mother as primary guardian and singer Diana Ross, his longtime friend/mentor, as backup. Although the court has to sign off, most judges abide by a parent’s wishes unless there is a compelling reason to ignore them. While courts usually favor the biological parents, Debbie Rowe reportedly gave up her parental rights several years ago and later petitioned to have them reinstated, leaving the legal picture murky. Still, Michael made his wishes know which beats being silent on the issue.

Lesson #5: ASSEMBLE A GOOD TEAM: As an arguably strong businessman, Jackson named a top-notch lawyer, John Branca, and a smart business executive, John McClain, as co-executors of his will and co-trustees of the family trust. Despite a challenge by Katherine Jackson (who reportedly filed for bankruptcy years ago), Branca and McClain were awarded control of the estate. To some extent, choosing outsiders was a wise move to prevent arguments among family members.

Whether you think Michael was a genius, or an eccentric individual, or as bizarre as they come, Michael got one thing right – an apparently solid estate plan that, for the time being, seems to be working for him and his family.

Rob Mansour
Estate Planning: http://www.MansourLaw.com
Personal Injury: http://www.ValenciaLawyer.com

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