I'm talking about Michael Jackson, not Michael Jordan ok, he is now officially dead, and we all know that even if he has many lawsuit, he still have an enormous fortune and even getting paid now that he is dead, like Elvis... Who should get his fortune? His children, Direct family - mother/father/brothers/sisters..., ex-wives, or the people in his lawsuits, like debts, pedo cases, and other stuffs?
I should think that any money left over after his sizeable debts are paid should go to his children. I do have a feeling though that with the kind of family he has the kids won't see much. I wonder if he had a will?
Me. Just kidding. I think that it would be nice if the money were donated to charities for missing and exploited children, and to buy food for the hungry. There are a lot of people that could benefit from it. But at the same time I have to remember that this is America and that isn't going to happen. America is the land of greed.
any money left over after debts are cleared (not much from what ive read), should go to his children. They, after all, have the right of inheritance being his offspring. As they are not yet old enough, however, it should be put in a trust fund to be released to them as they reach the age of maturity (18 or 21, sometimes 25 depending on country).
I dont know anything about trust funds, if it will be released on their age of maturity, what will the kids use when they are growing up? also, do the ex wives with kids receive money from their ex-husbands for use on their children?
When a trust fund is set up, there will be an executor who manages the money until the kids are old enough to do it themselves. That person will be responsible for making sure the kids have all the money they need while they are growing up from the fund.
The children are getting it. Even if it was a lot of debt, those unreleased songs in profit, would go to them anyway.
so, whoever is the guardian of those kids is a very rich man/woman? cause i dont believe that they would just use MJ's money on the kids solely...
any leftover will go to anyone listed in his will, if he dotn have a will, legally, will go to his clostest family member, in this case, his children or his wife if he remarried.
whoah, really? cause here in our country, only the elite people have those trust funds, when that thing happens to other people, the children mostly are abused by the step parents or sent to orphanage or worst, syndicates who make them thieves, beggars. sorry if i'm destroying my country's image, but hey, that reality and even the tourist say so...
And... RomUlation has just turned into TMZ. I think MJ left custody of his kids to Diana Ross, so doesn't she get to have some of his fortune as well?
Not quite, he left custody of his kids to his mother, with Diana Ross becoming their guardian in the event of his mother being unable to fulfil her duties as guardian (i.e being dead or otherwise incapacitated).
and the royalties/loyalties he will get far surpasses the debts. look at elvis his records are still selling like hotcakes.
shouldn't the simplest answer be his kids? don't they put the money in some sort of a depository where after a certain age or something, they are notified of the matter and are given the choice of using the inheritance of the fortune? if you recall the children star of the indian millionaire movie [slumdog millionaire], the kids were given some sort of a depository for future use after a certain age [i believe 18 years of age]. i could be wrong on this. neither the parents nor the child knew the exact value of the depository until the required age is met, where she/he will gain access to the depository. whoever takes responsibility of the children should obtain some fortune for the well being of the children.
