Now that a Petition has been filed by Michael Jackson's mother/family, Katherine Jackson and a judgment rendered. What next???
The Judge has awarded temporary guardianship of all the children to Katherine Jackson. I agree with the Judge's decision since, in the interim, this probably provides the least disruption to the children. He did not render any decision regarding the "estate" of the children or the administration of Michael Jackson's estate. This will be done (along with a determination of permanent guardianship) at a later hearing which I will continue to monitor.
The question for many is "Doesn't the children's money follow the children so if you get the kids, you automatically get the money?" ANSWER, NOT, NECESSARILY SO!!! The courts can and often do separate the children from their assets.
It is standard in estate planning to provide for a guardian of the children and a trustee for the estate. They could be the same people but not necessarily so. Having a trustee of the estate provides for the money to be held for the benefit of the children for an extended period of time, say, 10, 20, 30 years, etc. A guardian of the "estate" would manage the estate for the benefit of the children until they turn majority 18 or 21 depending upon the jurisdiction.
So, you might say why did Michael Jackson not provide a Will to address all of this? My book addresses this question, what are people waiting for? In any event, at present, the family has stated that there is no Will but I don't think this is a closed matter. Time will tell.
Share your comment or contact us at http://www.ythlaw.com/.
The Judge has awarded temporary guardianship of all the children to Katherine Jackson. I agree with the Judge's decision since, in the interim, this probably provides the least disruption to the children. He did not render any decision regarding the "estate" of the children or the administration of Michael Jackson's estate. This will be done (along with a determination of permanent guardianship) at a later hearing which I will continue to monitor.
The question for many is "Doesn't the children's money follow the children so if you get the kids, you automatically get the money?" ANSWER, NOT, NECESSARILY SO!!! The courts can and often do separate the children from their assets.
It is standard in estate planning to provide for a guardian of the children and a trustee for the estate. They could be the same people but not necessarily so. Having a trustee of the estate provides for the money to be held for the benefit of the children for an extended period of time, say, 10, 20, 30 years, etc. A guardian of the "estate" would manage the estate for the benefit of the children until they turn majority 18 or 21 depending upon the jurisdiction.
So, you might say why did Michael Jackson not provide a Will to address all of this? My book addresses this question, what are people waiting for? In any event, at present, the family has stated that there is no Will but I don't think this is a closed matter. Time will tell.
Share your comment or contact us at http://www.ythlaw.com/.
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