Estate planning: Lessons from the King of Pop

By Keith Damsell

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(NC)—While the world knew Michael Jackson as a celebrated singer, dancer and a beloved entertainer, few realize that he was an estate planner.

Plans for a comeback tour ended when Jackson died suddenly in June 2009. Although the 50-year-old pop star had the foresight to plan his multi-million dollar estate, even the most careful arrangements can go awry. Despite his effort to protect his three children, Jackson's estate may be the subject of litigation for years to come because he missed following through on a number of details.

“Estate planning has many challenges. It is important that you receive professional help as the choices you make today can eliminate any confusion or potential legal issues your family may have to deal with tomorrow,” said Tom Junkin, senior vice president, Fiduciary Trust Company of Canada.

There are some simple rules to follow when beginning the process of estate planning:

Start the discussion early

Whether it's approaching your parents or sitting down for a frank discussion with your children, smart estate planning begins with an open conversation. The key is to explain all resolutions clearly and concisely to avoid confusion later.

Document everything

From simple transactions to more complex investment decisions, it is important that all income sources, assets and liabilities be properly documented. This will ensure that all financial matters are handled properly as any indiscretion, even accidental, can cause mistrust and suspicion.

Don't forget the detailsEnsure all the documents are prepared and signed correctly, and attend to details like confirming the correct registration of your assets. Safe storage for safe keeping

Keep track of your will, power of attorney, advisor or lawyer contact information, pass codes and safety deposit box numbers. All of this information is invaluable and should be safely stored with members of your family.

There are specialists who can help with the entire estate planning process, from initial discussions to the signing of the documents. Additional estate planning tips can be found on www.fiduciarytrust.ca.

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