So, the terms of Michael Jackson's 5 page will are revealed. What does it mean to YOU? Here are my thoughts on what can be learned from a public discussion of a celebrity's will.
DISTRIBUTION OF ASSETS
Under the will all assets are to be placed into the Michael Jackson Family Trust. The Trust was not filed with the will and is not required to be filed. So, the terms and conditions of the Trust may remain private. The only person that can not be disinherited is a spouse. You do not have to leave anything to parents, children or siblings.
GUARDIANSHIP OF CHILDREN
Katherine Jackson was named guardian of the children and Diana Ross named as the alternate guardian. Who should one name as a guardian? It does depend on your family circumstances. Generally the considerations are your parents, if not aged and unable to provide care, your siblings, if there is a relationship, family friends, if willing and able. Most importantly, whoever is named, should be aware of your intent and agree. This should not come as a surprise to the named guardian.
EXECUTOR OF THE ESTATE
Co-Executors under the will are Michael Jackson's lawyer John Branca and family friend John McClain, a music executive. The role of the excecutors is to gather up the assets and distribute in accordance with the will. In this case, all assets are to be transferred into the Trust. It will be the Trustee under the Trust who will be responsible for managing the assets for the benefit of those named in the Trust. The will does not indicate who the trustees will be.
Who should be named as your Trustee? Generally, it can be individuals, ones whom you trust and whom may be familiar with your affairs or it can be an institution, a bank, trust company, law firm etc. It can be a combination of individual and institution. The more complex the estate, the more essential that the trustee be able to be around for awhile. Institutional trustees generally fit this requirement.
What else can we learn from the Michael Jackson affair? Stay tuned. Leave your comments or contact us at www.ythlaw.com
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