Comments on: Michael Jackson Public Funeral Set http://hiphop.popcrunch.com/michael-jackson-public-funeral-set/ Your daily dose of hip-hop gossip. Mon, 17 Oct 2011 16:21:46 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Jennifer http://hiphop.popcrunch.com/michael-jackson-public-funeral-set/comment-page-1/#comment-44537 Jennifer Tue, 30 Jun 2009 22:46:07 +0000 http://hiphop.popcrunch.com/?p=12866#comment-44537 To the Situation Room and Don Lemon of CNN regarding Michael Jackson's Estate: Please understand Fiduciary Law and the Estate Planning Process before you misinform your viewers. A Trust DOES NOT supersede a Will. A Trust and a Will are two separate instruments used in the Estate Planning Process. A Will is a legally enforceable declaration of a person’s wishes in writing regarding matters to be attended to after his death and inoperative until his death. A usually, but not always, relates to the testator’s property, is revocable (or amendable by means of a codicil) up to the time of his death, and is applicable to the situation which exists at the time of his death. A Trust is a fiduciary relationship in which one person (the trustee) is the holder of the legal title to property (the trust property) subject to an equitable obligation (an obligation enforceable in a court of equity) to keep or use the property for the benefit of another person (the beneficiary). A Will is a public document, which can be obtained from the County court house, upon filing when someone has died. Anyone can get a copy of any dead person’s will. A Trust is a private document, which is held by an attorney, corporate trustee or an individual trustee and is not public record. There are multiple types of Trusts, with multiple types of terms. Depending upon the terms of the trust, and the type of trust, the correct proceeding for creditors would be to first file a claim against the trust. It would then be the responsibility of the trustees and the courts to review the claim and then if the claim is found to be valid, then a distribution from the trust would be made. Do not inform your viewers that “creditors” can come after a trust and be paid from it first. That is incorrect. Again, please understand Fiduciary Law and the Estate Planning Process applicable to the state in which a person has died, before making false reports of this nature. Any Fiduciary Officer or Trust Officer or Trustee would be appalled at you comments. Do not attempt to report on the terms of the trust, as there could several trusts that were made for several different reasons. I have known clients that have upwards of 50+ trusts and other Estate Planning instruments. Check your facts first! To the Situation Room and Don Lemon of CNN regarding Michael Jackson’s Estate:

Please understand Fiduciary Law and the Estate Planning Process before you misinform your viewers.

A Trust DOES NOT supersede a Will.

A Trust and a Will are two separate instruments used in the Estate Planning Process.

A Will is a legally enforceable declaration of a person’s wishes in writing regarding matters to be attended to after his death and inoperative until his death. A usually, but not always, relates to the testator’s property, is revocable (or amendable by means of a codicil) up to the time of his death, and is applicable to the situation which exists at the time of his death.

A Trust is a fiduciary relationship in which one person (the trustee) is the holder of the legal title to property (the trust property) subject to an equitable obligation (an obligation enforceable in a court of equity) to keep or use the property for the benefit of another person (the beneficiary).

A Will is a public document, which can be obtained from the County court house, upon filing when someone has died. Anyone can get a copy of any dead person’s will.

A Trust is a private document, which is held by an attorney, corporate trustee or an individual trustee and is not public record.

There are multiple types of Trusts, with multiple types of terms. Depending upon the terms of the trust, and the type of trust, the correct proceeding for creditors would be to first file a claim against the trust. It would then be the responsibility of the trustees and the courts to review the claim and then if the claim is found to be valid, then a distribution from the trust would be made.

Do not inform your viewers that “creditors” can come after a trust and be paid from it first. That is incorrect.

Again, please understand Fiduciary Law and the Estate Planning Process applicable to the state in which a person has died, before making false reports of this nature. Any Fiduciary Officer or Trust Officer or Trustee would be appalled at you comments. Do not attempt to report on the terms of the trust, as there could several trusts that were made for several different reasons. I have known clients that have upwards of 50+ trusts and other Estate Planning instruments.

Check your facts first!

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