A New York Estate Planning and Probate Lawyer reports the plans for Michael Jackson’s estate after his unexpected passing.
Michael Jackson’s untimely passing left his family and the world shocked. Once the devastation wore off, his family had to deal with the accounts, property and most importantly, the children he left behind. Luckily, Jackson planned and had a Will drawn up. A Will is a statement of how someone wants their property to be distributed after death. In a will, if a person recommends a guardian for his or her children, which is known as a "will and testament”. In Jackson’s will, he appointed his mother to be the guardian of his three children. After the Court’s approval, Katherine Jackson was granted guardianship over his children. Jackson’s will left three executors for his estate. The executors are in charge with protecting a deceased person's property until all debts and taxes have been paid, and overseeing that what is left is transferred to the people who are entitled to it. The Will states who is to receive beneficiaries from your estate. Jackson left his estate to his children, mother and numerous charities. Had Jackson never had a Will drawn up, his family would not have known his intentions and would not have been able to carry them out for him.
You do not need to be a billionaire like Michael Jackson to have a Will written up. Every person, no matter the size of his or her estate, should have one drawn up. A New York Estate Planning and Probate can tell you how important it is to have a Will written. It will ensure that your final intentions are followed through. It will also give both you and your family peace of mind.
