Reading Michael Jackson's Will Isn't a Thriller

On Wednesday Michael Jackson's Last Will and Testament was made public as soon as it was filed with the Los Angeles County Superior Court. Here is a summary of what the short five-page will says:

1. Jackson signed the will on July 7, 2002.
2. The entire probate estate is left to the Trustees of the Michael Jackson Family Trust, an amended and restated Declaration of Trust executed on March 22, 2002.
3. Family attorney John Branca, music executive John McClain and accountant Barry Siegel are named as Co-Executors of the will.
4. Jackson's former wife, Deborah Jean Rowe Jackson, is intentionally omitted as a beneficiary.
5. Jackson's mother, Katherine, is named as guardian for Jackson's minor children, with Diana Ross (yes, that Diana Ross) named as the back up guardian.
6. The will appears to be signed by John McClain and Barry Siegel as two of the three witnesses.
7. As required by California law, the Petition for Probate lists all of the beneficiaries and fiduciaries named in the will and in the Michael Jackson Family Trust.
8. Contrary to what has been reported elsewhere, the will doesn't list anything about the nature of Jackson's assets or his net worth (see for yourself - read the actual will by following the links below).

Some interesting observations about Michael Jackson's will from an estate planning attorney's perspective:

• The will is a Pour Over Will, typically used with a trust-based estate plan, and the Michael Jackson Family Trust is a Revocable Living Trust.
• We can only speculate about the provisions of the Michael Jackson Family Trust since California law only requires that the name, relationship, date of birth (if a minor), and address of each beneficiary and fiduciary named in the trust be listed in the Petition for Probate.
• So who gets what and how and when will they get it? If Michael Jackson's estate plan works the way it's supposed to, then this information won't be released to the public.
• Edmund G. Brown, Jr., Attorney General for the State of California, is listed as a beneficiary. Why? Because it appears that Michael Jackson established some type of charitable trust or made charitable bequests within the Michael Jackson Family Trust.

Links to copies of Michael Jackson's will:
Last Will and Testament of Michael Joseph Jackson (includes Attachment B to the Petition for Probate)
Last Will and Testament of Michael Joseph Jackson (pdf version)

Overview of the Essential Estate Planning Documents

What is a Charitable Remainder Trust?

What is a Charitable Lead Trust?

How Long Will it Take to Settle Michael Jackson's Estate?

Michael Jackson's Will vs. the Michael Jackson Family Trust

Follow Michael Jackson's Probate Court Proceedings Here