When someone passes away, the basic principles of settling the estate seem straightforward: collect assets, pay off debts, and distribute what is remaining per the deceased’s wishes. While that cursory sketch appears easy enough, in practice, dealing with these matters can take years, have a significant cost, and result in prolonged disagreement, destroyed relationships, and even legal battles.
As always, a high-profile celebrity example offers a helpful look at how it plays out in the real world.
The Las Vegas Sun recently reported on the latest in the prolonged battle related to famed pop star Michael Jackson’s estate. The singer died over four year ago, but from most reports the matter is nowhere near being resolved. For one there, there is still pending litigation related to the billion-dollar tour production Jackson was set to complete just before his passing.
One positive sign is that it appears all of Jackson’s sizeable debts, nearly half a billion dollars at the time of his death, have now been paid. This marks an important step, and will hopefully signal a turning point leading to final resolution of all loose ends.
Prudent Estate Administration
Interestingly, many are pointing to the competent management of the estate as an example of the immense value one receives from professional support with these issues. The Sun articles notes that in the four years since his passing Jackson’s estate has made a staggering $1.1 billion as a result of savvy financial moves and business decisions related to using his high profile image and continued celebrity.
According to one report, Jackson’s estate made more money in the four years since his death than the entire time time that he was alive. He sold 50 million albums in that time and Michael Jackson shows have been licensed by many different groups.
While no else has a life or legacy like Michael Jackson, the principle of immense value from professional aid with settling an estate should be noted by all. When a loved one passes away there will not be a tidy list of debts, contact numbers to cancel accounts, instructions on filing taxes, or any other easy-to-follow guides to handling all of the administrative odds and ends. Instead, months of confusion, frustration, paperwork headaches and more can await a family trying to handle these affairs in the midst of grief.
Local residents are well advised to visit with estate planning lawyers ahead of time so that steps are already in place to handle these matters efficiently no matter what the future holds.