After a fellow colleague from the University at Buffalo Law School passed away in a tragic plane crash this past summer, I was plagued with a question that is surprisingly common: After death, what happens to your accounts online? This seems to be a hot topic now. Here is a rundown on what happens to your online accounts when you happen to pass away.
By now you are surely informed that Michael Jackson, in his infinite wisdom, disinherited father Joe Jackson in his will as noted in the Findlaw's Celebrity Justice blog. You may think you know why this was the case, but what about how wills work, and what might be next?
Writing a will sounds like a major undertaking. In reality, wills can be simple or complex as related to the amount of assets and instructions for distribution. But even if you are on top of it and have valid written will, there's a chance that at some point you may want to revoke it. Marriages can come in and out of your life, parental and childrens needs can change, your own financial situation could change, and you may identify new or different charitable causes you want to donate to.
Will revocation is based on state law. So before you take any drastic measures, it is a good idea to contact an estate planning attorney about the process and acceptable methods of revocation. The last last thing you would want is to destroy a will, with intent to revoke, only to have another copy of it resurface later, possibly creating a question of which will is valid.
The child actors from the movie 'Slumdog Millionaire' could end up losing their trust funds if they can't maintain a regular attendance at school. Azharuddin Mohammed Ismail, 11, and Rubina Ali, 10, are child stars who have been provided for in a trust fund set up by the producers of the Oscar winning movie.
The term "living will" can be confusing. Is it a will or a set of instructions? What does a living will cover? Do you need an attorney to write a living will? These are all common queries when it comes to understanding what living wills are all about.
Here are important characteristics about what a living will is, and what it is not.
1. A living will is not actually a will. That's right, to dispel confusion early on, it should be known that a will or trust is an estate planning tool to determine how your property will pass after your death. On the other hand, a living will covers how medical decisions will be made for you in an end-of-life health care scenario when you may not be able to convey your preferences. A living will is also called an advance health care directive.
You may have received a flier inviting you to a free talk or an email announcing a lunch seminar to inform you about setting up a living trust. But what is a living trust? And do you need one?
First thing's first, here are the basics on what a living trust is and its features:
Following up on the reports about a Michael Jackson will, it is now reported that indeed, Jackson's will has been filed and that it purportedly transfers Michael Jackson's assets to a trust, specifically, the Michael Jackson Family Trust. People may tend to "tune out" when they hear the word trust alone, maybe thinking trusts are complex and of value only to the fabulously wealthy. In reality, however, trusts can be useful tools for a wide variety of people.
First, what's a trust? A trust is basically another way of planning a person's estate, in addition to or instead of, the more popularly known wills. Someone who owns property can create a trust by transferring legal ownership of their property to a person or an institution (such as a bank), who will become the "trustee". That trustee then manages those assets for the benefit of a specified "beneficiary".
Reports today pointed out the possible existence of a 2002 will for Michael Jackson (believed to be his last) that divides his estate amongst his mom, children, and charity, although it looks like Papa Joe was left out. Regardless of questions regarding the validity of Michael Jackson's will, whatever happens to his assets will probably be complicated by the fact that he had sizeable debts plus varied, complex financial relationships. Indeed, the Wall Street Journal story suggests Jackson died with an astronomical $500 million in debt. Although such debt is way, WAY, beyond that which most will ever face, it still may leave many people wondering what happens to debts after a debtor passes away?
Although for the sake of our children and families most would probably wish that it simply vanishes, it doesn't work that way. So what, does it become a families' debt, instead? That would be a rather painful legacy, and, fortunately, that is generally not what happens either. Generally, unless someone has signed on to it in some way, they cannot be held personally liable for another person's debt. Examples of such circumstances would be if someone has co-signed a loan or is a joint credit card holder. People should also be careful about intermingling their assets (i.e. in joint or family bank accounts), because for purposes of creditors, funds therein could be attributed to anyone with access to the account.
Law on Termination of Parental Rights May Give Her Chance
Following the tragic news of Michael Jackson's death yesterday, many questions have been asked relating to the circumstances surrounding his untimely passing. However, an article out today deals with a question that, from the perspective of a family dealing with unforeseen tragedy, is probably of far more importance and immediacy. That is, what's going to happen to Michael Jackson's children, Paris, Prince Michael, and Prince Michael II (aka Blanket)?
The story suggested that although in the short term they will probably be staying with Michael Jackson's mom, according to NBC News' legal analyst Dan Abrams, "a custody battle may be on the horizon. The most likely claimant would be Debbie Rowe, Jackson's second wife and the biological mother of Prince Michael and Paris; Blanket was born of an unidentified surrogate mother in Europe." Abrams further suggests that even the existence of a will by Jackson dealing with the custody issue might not be enough if Rowe steps in. And indeed, KTLA reports that Debbie Rowe is planning on doing just that, despite reports that she has had "very limited" contact with her children and that she even tried to give up all her parental rights to her two children back when MJ and Rowe divorced in 1999.
