We Can All Learn From Michael Jackson

In the wake of Michael Jackson’s death it has given us pause about planning for the inevitable. There has been much ado about his will or lack thereof; as it turns out he had one from 2002. Given all the changes in his personal life over the years, it makes you realize how important it is to update your will as your circumstances change!

You have children born into your family, step-children leave your family; as well as ex-wife’s! It happens more than you think. People divorce and remarry and forget to update their wills and trusts. Guess what? The ex you don’t get along with ends up with all your hard earned assets! Something to think about!

Another important aspect of estate planning, who have you elected as the executor of your estate? Michael Jackson seems to have made an excellent choice in his mother; someone who he loved and trusted unconditionally.

Most of us will never have this much drama dividing up our estate after we die. High profile celebrity deaths bring to the fore all the problems that usually end up in probate court due to lack of planning. If you don’t have a will get one! If you have any assets you have acquired you should look into a trust to protect them so that greedy relatives or the state doesn’t end up with them.

It’s not that hard to do and it doesn’t cost much. The financial heartache that your survivors will suffer if you don’t do this is worth your time. It’s amazing how many people die without a will or trust. It can take years for a probate court to sort it all out. This process can also be very expensive and by the time the court settles your affairs, there may not be much of your estate left.

By all estimates the disposal of Michael Jackson’s assets may take years. It appears his will was out of date. As you can imagine, it will more than likely be contested. People that you haven’t seen or didn’t like all of sudden feel entitled to your assets. Protect yourself - get a will or trust and take care of your estate!