What Does Michael Jackson's Last Will Teach Us About Preparing for Death?
Jackson's Last Will was Not Shared with Family Before His Death
The days following Michael Jackson's death last Thursday have been chaotic for many reasons. Michael Jackson was a music legend with millions of dollars in assets, millions of dollar in debt, dozens of business interests, and three children to take care of in his permanent absence. Jackson's sudden and untimely death was unforeseen, although perhaps not inevitable. His last will was his final words to his family and business associates about how he wanted his assets distributed and how he wanted his children cared for after his death.The first surprise in Michael Jackson's last will was that there was one. Earlier in the week, Michael Jackson's mother, Katherine Jackson, applied to the court for temporary custody of Jackson's three children: Prince Michael (12), Paris (11), and Blanket (7), claiming that her son had died intestate- or without a will. Katherine was also appointed temporary administer of the estate. On Wednesday, John Branca, a lawyer working for Michael Jackson, produced a will written on July 7, 2002, claiming it is Jackson's last will. If it is accepted by the court as the last will, it will supersede several other wills written prior to that date. According to Branca, the will was updated in 2002 shortly after the birth of Blanket.
Michael Jackson's last will expresses the wish for Katherine Jackson to be permanent guardian of his three children. It also leaves all of Jackson's assets to a family trust to be set up with his mother and children as beneficiaries. Branca and another business associate are to be the executors of the will and trustees of the estate. There is no detail in Michael Jackson's last will about how the assets should be administered or how funds should be distributed. These details may be filed in a separate trust document that has not yet been filed with the courts.
What does Michael Jackson's last will say about how prepared he was for his death? And how can you use that information to ensure that you are more prepared for your eventual death?
Michael Jackson's Last Will and Timing
Comments
mtwain
(Guest)
(Guest)
08/07/2009
What's even more surprising is that Michael Jackson suspected he would die relatively young, and still did not keep on top of his legal and financial affairs. Unlike the majority of us, debts or no debts, money (for attorney fees, etc.) was no object for him.
:O)
I think the second biggest surprise here, Angie, is that there hasn't been two or three more pop up in the last few days. Can't you see all those guys out there meticulously writing and forging, taking an easy kind of pace, then, boom, Michael's dead and they're only halfway through! And then there are the ones who may have written one and threw it away in the intervening years, disgusted that the estate might be worthless. Poor will conterfeiters. Life is so whimsical... ;)
Excellent, wills are an annoyance we've faced :)
What an excellent topic, Angie. Yes, I think the average person can learn much from this will and stay on top of updates and rules about them.
excellent coverage
I created a Will a few days after my eighteenth birthday when I purchased life insurance. I update yearly and more often if necessary. My attorney has a copy as do my parents and myself. You'd think with all that money he would have been more diligent about updating that Will.
I don't have any assets to make a will!
Well, at least he didn't put it in a safe deposit box. That's the worst place to put one, especially if you are single. I wonder who had custody of the Will? Some attorneys do keep them in their safes, so it is always a good idea to let people know just where you are safeguarding this important document.
I agree, it's always a good idea to be prepared...
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