What Michael Jackson Has Taught Us All (Part 1)

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?

Although thorough legal documents are the foundation of every estate plan, the real value in using an attorney is the legal guidance you receive. Unfortunately, some attorneys view themselves as mere document preparers instead of counselors at law.

I’m sure Michael Jackson’s will and trust documents were drawn up by one of the most prestigious law firms in the state of California. But estate planning documents are only as good as the counseling that goes along with them, and there are some real gaps in the counseling MJ received.

I wonder, for example, if anyone counseled him through the process of choosing a guardian. Michael’s will names his mother Katherine as his first choice for guardian. Katherine is now 79 years old. How much longer is she going to live? Michael’s youngest son, Prince Michael II, is now 7 years old. Will he have to be subjected to another custody battle after Katherine’s death? Did no one explain to Michael the real-life consequences his guardian choice might have for his children?

In fact, Michael (and his attorney, I might add) made five of the six common mistakes parents make when naming guardians for their children. Having an attorney that actually counsels you through the critical decisions you make when creating an estate plan is invaluable.