I took a quick look at Michael Jackson’s will and not surprisingly it is quite similar to the wills I prepare for my client everyday. His will is only a few pages long and accomplishes three basic things
- Appoints executors for his will
- Expresses his preference as to whom should be the guardian for his children
- Transfers all of his assets to his trust
These are the primary purposes of a typical pour-over will that anyone who owns a home and has children should have. While the typical pour-over will is designed to avoid the probate process, Michael Jackson’s estate is an example of an estate that would benefit from being subject to probate. Since we have huge aseets and many creditors involved and complicated child custody issues, a probate court is probably the best place to resolve these issues. While the legal fees are likely to be significant, the complexity of his estate would be incurred whether or not he used a living trust to own his assets.
