Legal for Life

Michael Jackson, world renowned pop-icon, died yesterday afternoon of cardiac arrest. While the world mourns, two major questions remain regarding his estate: who will take care of his children and who will take care of his crumbling financial empire?

Jackson had three children with two women (link: CNN.com); ex-wife Debbie Rowe and an unidentified woman. Rowe may have claim to her children, but Jackson’s mother, Katherine Jackson, claims to want all three. It is not clear whether Michael Jackson had a trust or will in place, to take care of his children, in the event of his death.

The Wall Street Journal estimated that Jackson’s assets may be between $500 million and $1 billion, due to his stake in a music publishing catalog, the rights to his own songs and the memorabilia he owned at the time of his death.  However, it is also estimated that his debts may be up to $500 million. Even though his assets most likely exceed his debts, there will be many creditors looking for their due.

This should be a wake-up call to every person in America; do not leave it up to someone else to take care of your affairs after your death. Even if you trust your loved ones, they may not know, nor remember, your specific wishes. You can do something now. Speak to a local attorney about your will . Make sure there are the proper provisions to take care of your financial assets, and your children. You do not need an estate the size of Michael Jackson’s to warrant a will. If you are married or divorced, you need a will. If you own a house, you need a will. If you have children, you need a will. If you have money in the bank, you need a will. If you own a business, you need a will.

Make sure you and your loved ones are prepared.