Do you have a Will? What Michael Jackson’s death teaches us…
I am sure you know that Michael Jackson died. And if you are anything like me, you have been following his story on the news. All kinds of reports have been circulated about where he will be buried, who will raise his children, and who will get his property. By now you have probably heard that a Will was discovered that answers some of these questions. There is a lot that we can learn in Michael Jackson’s story about the importance of estate planning — FOR EVERYONE — not just the extremely wealthy.
When I talk to people about estate planning, they usually tell me:
“I’m too young to think about dying. I’ll work on my Will when I’m older.”
Michael Jackson died at the young age of 50. Many of the people who tell me they are “too young” to think about estate planning are close to this age. If you don’t want to think about yourself, at least think about your family. Michael Jackson left three young children, between the ages of six and twelve. If he did not leave a Will to state who he wanted to raise his children, there would likely be a lengthy court battle over it and the children may have ended up being raised by someone that Michael would have objected to. Who will raise your children if you die before they reach age 18? If you don’t have a Will to state who your children’s guardian will be, you need one. Choosing a proper home for your children is not an option, it is a necessity.
” I don’t have much money or property to leave to anyone. I don’t need a Will.”
Michael Jackson left several million dollars in assets and debts. His Will directs how his debts are to be paid and how his assets (money, property, personal items, etc.) are to be distributed among his loved ones. If he did not leave a Will, it would take years to sort out these things, and ultimately, his property may have gone to people he did not intend to benefit from his estate. To those who say, “I don’t have much,” I say this — Do you have a home? Do you have a bank account? Do you have any personal items (furniture, clothing, antiques, etc.)? Everyone has something that they have worked hard over their lives to accumulate. It is important to create a Will to make sure that those things are given to those who you feel are deserving of them.
Hopefully, Michael Jackson’s death has highlighted how important it is that EVERYONE create a Will. The few hundred dollars that you will spend to create your Will is well worth the peace of mind you will gain. It will be comforting to know that you loved ones are taken care of and that you have removed the burden from your family and friends of sorting things out after your death.
