The Role of an Executor
If you have read the MSNBC tabloid story about singer Michael Jackson’s will, it seems like a road map of “He said and he said.” When Jackson signed his will in 2002, he named three executors to administer his estate when he died. One executor resigned in 2003, and the other two were left with the huge task of managing Michael Jackson’s estate and debt. The two remaining executors of Jackson’s estate were close business associates, attorney John Branca and music exec John McClain.
At first, Jackson’s mother apparently objected to the executors her son appointed, but then thought better of it. She decided to trust that her son made the right business decision for his family. Jackson’s father, a man to be feared according to some, has challenged the appointment. Could it be because he was not in the will?
The testator appoints an executor through a will or by a judge during the probate process. The role of an executor is to sell or manage assets, pay taxes and bills and ensure heirs receive their inheritance. Becoming an executor can be a huge responsibility; some individuals pass along the role to an attorney.
In another account taken from the Probate Lawyer Blog, Jackson’s executors had an unusual request—to take a portion of Jackson’s proceeds from unreleased music. For now, the two executors are dealing with companies coming out of the woodwork who feel entitled to some of Michael Jackson’s estate. It seems like the role of Michael Jackson’s executor is a full-time job unto itself and may be for some time to come.
Michael Monheit is the managing lawyer at Monheit Law, outside Philadelphia, Pennsylvania. He has practiced law since 1989. Michael Monheit was the managing attorney of the law offices of Herbert Monheit — now Silverman and Fodera — a firm... Michael Monheit→