Probate

Blog Post by Melissa Platt, Esq.

Lesson #3: Every family with children must put into place a plan that specifies what should happen to their children, both in the short-term and the long-term, in the case of a parent’s death or incapacity.

Michael Jackson’s untimely death is another heartbreaking reminder that we never know when or how we’ll die. Responsible parents can no longer afford to think, “That won’t happen to me,” or “I’ll get around to it later.” Whatever you may think about MJ as a person, it’s undeniable that he was a devoted father.

Blog Post by Melissa Platt, Esq.

I’m sure we all have some memories associated with Michael Jackson Some of my memories include watching the music video “Thriller” for the first time, attempting the “moon walk,” and wondering what Disneyland’s “Captain EO” was all about. And now the King of Pop’s legacy includes several valuable lessons on estate planning as well.

Lesson #1: It’s not about the documents. In my opinion, one of the reasons why you do estate planning with an attorney is to have someone take you by the hand, advise you through the decision-making process, and guide you around potential pitfalls. Why else would you pay an attorney thousands of dollars for documents that you can get for a few hundred dollars (or less) online or from an office supply store?

I often have clients ask me to include some language in a Will or Trust instrument that threatens their kids with disinheritance if any of them start a fight over the Will or Trust. Such language is commonly known as "penalty," "no-contest," or "in terrorem" clauses. I'm always willing to do so as long as my clients understand the probable outcome of any attempt to enforce such a provision.