Money | Michael Jackson In Estate Planning, Take a Lesson From MJ He knew what he was doing—and we should follow his example By Matt Cantor Posted Jul 9, 2009 2:08 PM CDT Copied Lawyer John Branca, right, co-executor of Michael Jackson's estate, and lawyer Howard Weitzman speak to each other during a news conference outside the Superior court in Los Angeles, July 6, 2009. (AP Photo/Chris Pizzello) Michael Jackson wasn't known for his financial prudence, but he got one thing right: his estate planning, writes Jane Bennett Clark for Kiplinger. Here’s how to follow his good example: Write a will: Two-thirds of Americans don’t. Jackson’s is concrete: His kids get 40% of his estate, his mother gets 40%, and 20% goes to charity. Set up a living trust: In most cases it protects the assets it covers from going through probate after you die. You keep control as a trustee. Pick a guardian for your kids: Jackson tapped his mother, with Diana Ross as a backup. Courts usually follow these instructions. Choose a good legal team to run the show: Jackson picked a “top-notch lawyer” and a “savvy business executive” as his will’s co-executors and co-trustees of his family trust. Read These Next Beyonce leaves national anthem unfinished. Musk says his new party is in business. Iraq's national game of deception brings out the best bluffers. See the best BBQ cities in the US. Report an error