Michael Jackson’s recent death reminded me that we, as a culture, have become fascinated with reviewing celebrities’ Wills over the years. Perhaps our fascination with celebrities is based on our desire to learn more about them by looking at their Wills, which are placed in the public record at the time of death.
Michael Jackson’s Will, which was deposited with the Court shortly after his death, is about five pages long. It provides that his assets pass to the Michael Jackson Family Trust. In other words, his Will is a classic “Pour-Over Will”, meaning that any assets in his name at the time of his death transfer to his Trust by way of a probate proceeding. These types of Wills are documents we use in every case with trust planning in an effort to steam-line the estate administration process.
Moreover, using a trust creates an opportunity for privacy with your wishes, though it seems with Jackson’s estate that it is likely that his trust provides for his children and mother, and perhaps distributes money to certain charities. Of course, since his trust is meant to remain private, we may never know the ultimate disposition of his estate.
Tags: Estate Planning, Family Estate Plan, Joshua T. Keleske, Last Will & Testament, Revocable Trust, Tampa
