Jordan M. Atin: Michael's Will Not a "Thriller" But There is More to Come

As I suggested in my earlier blog , I did not expect Michael Jackson to have died without a will. As it turns out, it appears that Jackson made a new will in 2002 . If this is Jackson's last valid will, the will is a pretty simple and standard one for wealthy individuals. Rather than directing how his assets are being disposed of in the will itself, Jackson, directs that his assets should be disposed of in accordance with his previously established Michael Jackson Family Trust. In essence, he leaves all of his assets to his family trust which was set up prior to the will. The terms of that trust are what will govern how his assets are disposed of. Jackson also permits changes to be made to the trust after the date of the will. One of the reasons wealthy persons set up wills which transfer assets to a family trust is to avoid the trust becoming public. A will, when it is probated, becomes a public document. A trust, on the other hand, may remain private and does not necessarily have ... (link)