Guardianship and Your Minor Children

Back to Michael Jackson's estate, the importance of addressing guardianship can not be stressed enough. If you know there may be a contest for your children, it is important that you get resolution of those potential issues while you are living. Based upon the most recent reports, the guardianship hearing for Michael Jackson's children has been postponed for another week. Over the next week, it is anticipated that Debbie Rowe and Katherine Jackson may come to an amicable settlement for guardianship of Paris and Prince I.

Stay tuned. Time will tell. In the meantime, if you have issues regarding your minor children, I urge you to address them NOW. Your children's future depends upon it.

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Michael Jackson's Children still in play?

Well, back to the guardianship issue, it seems.

FIRST, it is reported that Debbie Rowe has not decided whether she will or will not challenge custody of Prince Michael and Paris, her 2 children with Michael Jackson. However the permenant guardianship hearing has been delayed a week until July 14th. This may give the parties time to reach an agreement if in fact there is a dispute.

SECOND, though the will names Katherine Jackson as guardian, Debbie Rowe's parental rights were not severed by the courts. Unless a parent is determined to be "unfit" custody by the biological parent is favored by the courts under normal circumstances. This is anything but normal circumstances.

THIRD, the courts also favor keeping siblings/families together. Debbie Rowe would have no legal rights to Prince Michael II. As reported, Princed Michael II's mother was a surrogate.

FOURTH, though the law is well settled on the rigthts of biological parents and adoptive parents, the rights of surrogates or sperm donors are less clear. Many issues in this area have not been explored by the courts. Will this case serve as that opportunity to explore issues in this area? Only time will tell and I will be providing my estate planning insights.

What more could Michael Jackson have done to secure the future of his children upon his death? This and other questions will be explored in the days to come. We want to hear from you. Leave your comments here or contact us at www.ythlaw.com

Terms of the Michael Jackson Will

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

Michael Jackson's Children - Petition Filed and Interim Decision Rendered

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.

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