Lesson One: Michael had his legal documents in order. Around 66 percent of Americans have absolutely no plan whatsoever. As a result, much of his affairs will likely remain private, and his wishes will likely be followed.
Lesson Two: Michael avoided misunderstandings by naming each of his children and specifically excluding the mother of his two older children, Debbie Rowe, from any inheritance. While that may not have been necessary, because the couple were no longer married, but it makes clear that Jackson purposely omitted her. Anna Nicole Smith’s documents did not mention her daughter, which led to a great deal of argument in the courts. His living trust purportedly gives some of his estate to his children, some to his mother, and some to charity. Without the right documents, his wishes would be easily thwarted.
Lesson Three: Michael Jackson had a living trust. While assets in a trust avoid the court-involvement of probate, a trust also provides for family privacy. As such a public figure, he probably wanted to keep things as private as possible. Truth be told, most families and individuals would rather their affairs remain private. His children will also be cared for and their money will likely be managed properly. By having a solid trust, his wishes are much more likely to be followed.
Lesson Four: Michael named guardians for his children. In writing his will, Jackson named guardians for his children, all of whom are minors. Jackson selected his mother as primary guardian and singer Diana Ross, his longtime friend/mentor, as backup. Although the court has to sign off, most judges abide by a parent’s wishes unless there is a compelling reason to ignore them. Michael made his wishes know which beats being silent on the issue.
Lesson Five: As an arguably strong businessman, Jackson named lawyer, John Branca, and business executive, John McClain, as co-executors of his will and co-trustees of the trust. Despite a challenge by Katherine Jackson, Branca and McClain were awarded control of the estate. To some extent, choosing outsiders was a wise move to prevent arguments among family members.
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