Estate lessons we can all learn from Michael Jackson’s death
Kiplinger has a new article out today about Michael Jackson and the sensible things he did to prepare for his death, even when he was such an “eccentric” person. From what he did, we can all learn a thing or two to prepare for our own demise.
Write a will
At any given time nearly two thirds of American’s haven’t taken the time to write out a simple will. So, if they pass away suddenly or unexpectedly, their assets are handed out however a judge sees fit. Jackson’s will had stipulations about who got what (and who didn’t). If he hadn’t of had a will, his assets would have been divided between his kids because that’s what California law states. In a will, name those who you want to receive your assets specifically.
Consider a living trust
Also known as a revocable trust, this tool allows you to give all your property (including intangible bank accounts and non permanent cars) to a separately owned entity like a trust while you can maintain control as a trustee. One of the best parts of having a living trust for some people is that the assets inside the trust avoid probate at death meaning at the time of death, money and assets won’t be public information so those who receive your assets won’t be publicly named. For us “regular” people, avoiding probate can also make sense if you hae significant assets or property in multiple states because it keeps your heirs from going through a long and possibly drawn out legal battle.
Name a guardian
This is important if you have children. If you have children that are minors, there needs to be a guardian named in your will for them, without that stipulation, a judge will determine who gets the children. Judges typically go with whatever the parent wishes in this case. Things that will hurt you in this sense could be: If the other biological parent wants or demands custody or if the caregiver you decide is deemed unfit to raise your children. A majority of lawyers say that custody should be handed to a very close family friend or relative that is close to your age and “circumstances.”
Assemble a good team
In order to make sure that your wishes are carried out to the fullest, make sure that you name lawyers to be on your side in your will and co-trustees. It will make it a lot more likely to have all your final wishes fulfilled.
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I think he knew he was in bad health or was planning on death in the future. He set things up very well for someone so young.
It is amazing how big of a story his death became. I never knew so many people cared about Michael Jackson until he died. I always thought everyone hated him.
Me to John. Michael Jackson had begun to pickup a bad rep here in the states with all the cases being brought against him. However, overseas his was still very popular and regularly sold out events.
People often get cheap when it comes to preparing for the inevitable death. Spend the $3,000 and get the living trust done. In the long run it will save a lot in attorney fees and disputes. There is probate code in place when someone dies intestate, but may necessarily give the desired result. After you are dead, you obviously don’t care, but your wishes may not get carried through and the person ending up on the street may be the one you loved the most. Sometimes you think you have a few assets not worth spending the $3,000, but in most instances the cost for a living trust only accounts for 1% of the entire estate. Spend the 1% to save 20% down the road, it may mean a significant difference for your children or grandchildren or spouse, or anyone else that you care about.