Who will be inheriting the estate?

Who are the beneficiaries?

Who will serve as the legal guardian for his children?

Jackson’s will which is dated July 7, 2002, estimate that his estate at the time was worth more than $500 million. Jackson’s will states that the entire estate will go to the Michael Jackson Family Trust. It also states that his mother, Katherine Jackson, is a beneficiary of the trust and the guardian of his children. Interestingly, it names Diana Ross as a successor guardian in case something were to happen to Katherine Jackson or if Mrs. Jackson cannot assume guardianship.

With Jackson’s prominence in American culture, and all the money he is worth, one would question why others will not be benefiting from Jackson’s untimely death. In an effort to solve this quandary, one should familiarize his or herself with some basic knowledge on wills.

When creating a valid will, the person making the will must be at least 18 years old. Additionally, the will must be in writing signed by the person who is creating the will. Two witnesses who are not going to inherit anything from the will must be present at the time of the signing.

When drafting a will, the person making the will decisions’ include: Who inherits your estate. That is, who inherits what you own (beneficiaries). Who will become the guardian of your children? Who will be entrusted with making sure your wishes are kept (executors).