Even the King of Pop's Estate has its money worries. As a San Diego Estate Planning and Probate Attorney, I have followed news coverage of Michael Jackson's estate closely. Administrators of Michael Jackson's Estate have recovered money from former advisors, and entered into merchandising and other deals in order to marshall assets to cover debts which total in the hundreds of millions of dollars.
One of the core responsibilities of the executors or administrators of an estate is to inventory and collect assets and pay off debts, and in doing so to manage the estate in a prudent manner so as to preserve assets as much as possible for the beneficiaries.
As seen in the case of Michael Jackson, solvency isn't just a concern of smaller estates.
In my San Diego estate planning law practice, I advise my clients to carefully consider their choice of executor and trustee. Administering an estate or trust is a serious job with serious responsibilities, and should be given to someone with the skills and judgment to effectively manage the estate. One option to be considered is the appointment of a professional fiduciary (which could be a bank trust officer, financial advisor, attorney or other professional fiduciary) to serve either alone or as a co-executor or co-trustee along with a friend or family member.
