Even though it has been over three years since the death of Michael Jackson on June 25, 2009, the probate court is still handling the affairs of his estate. In fact, the executors of the estate have requested the probate court continue to handle the estate for at least another year. This is exactly what most people seek to avoid. However, because the Jackson estate presents a very complicated and difficult situation, they may feel that it simplifies matters.
This summer Katherine Jackson, Michael’s mother, was reported missing. Days later, it was revealed that her children had taken her to stay in Arizona. During that time, Katherine had no contact with her grandkids for 11 days. Her children claim that they were upset with the executors of the estate and were trying to protect their mother. Shortly after this event, Katherine and TJ Jackson were awarded co-guardianship over Michael’s three children.
The latest occurrence to the estate is Katherine’s recent request for a detailed audit of her son’s estate. She is concerned the assets are being drained or used in ways not approved by the probate court. This is a difficult matter since many of the major business deals, contracts and transactions may be sealed due to trade secrets and privileged information. Only time will tell what the court decides regarding this request.
One impressive accomplishment the executors can claim is that they have been able to clear away nearly $475 million dollars in debt since Michael’s passing. This is majorly due to proceeds from the film of his rehearsals, This Is It, along with agreements with Pepsi and Cirque du Soleil.
Had Michael Jackson created a living trust these estate matters would have been handled with far less difficulty. If he had provided a clear method to pass along his assets and a definitive declaration of his wishes, many of the problems over the last 3 years could have been avoided.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.