Family Trust of Michael Jackson Controls His Estate Decisions

Tuesday, June 30th, 2009

Michael Jackson Family Trust was set up as the entity to be used in helping out the recipients of Jackson’s will.  Most importantly, this trust will control Michael Jackson’s estate.  As dictated in his will, he’s giving all his estate to the family trust where all assets will be managed as one rather than separate entities.  This will make it easier for the executors.  Having the trust in place will also help his children in the long-term as well.

In his will, Michael outlined exactly what needs to take place.  Section III of the will drafted in 2002 states that “I’m giving my entire state to the Trustee/s under that certain Restated and Amended Declaration of Trust…All such assets shall be distributed, managed, and held as part of said Trust…”

In other words, Trustees of Michael Jackson Family Trust will have great power when it comes to his assets.  However, if you read between the lines, it would mean that they’ll also need to over-see how many monetary assets as well as the intervals when Michael’s kids will see these funds.

Trusts like these need to be set up to help people awarded with physical and monetary assets in a will.  It will also allow the Trustees to disperse assets at the right time and advise the kids along with it.  Jackson’s mother, Katherine, will retain some rights as guardian of his children; therefore, she has a vested interest in this estate.

Tags: estate, executors, Family Trust, Katherine, Michael Jackson, trustee, trustees, trusts, will
Posted in Family Trust | No Comments »