What and who exactly is the Estate?

JichaelMackson

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I use that word in discussions and I see it here a lot as well. I know it's responsible for future projects but when was it established and who is (in) it?
 
JichaelMackson;4288049 said:
I use that word in discussions and I see it here a lot as well. I know it's responsible for future projects but when was it established and who is (in) it?

Estate administration is the process that occurs after a person dies. During this process, a person’s probate assets are collected, his or her creditors are paid, and then the remaining assets are distributed to his or her beneficiaries in accordance with his or her will. Probate assets are all assets that the decedent owned, in his or her name alone, when he or she died. If a person left a will, the will determines the distribution of those assets.

In order to determine who the decedent selected to administer his or her estate, locate the decedent’s will. The person named as the administrator must file the will with the court and petition to open the process of probate.

https://www.estateplanning.com/What-Exactly-Happens-to-an-Estate-After-a-Person-Dies/

The co-trustees of MJ's Estate are John Branca and John McClain.

The MJ Estate still appears to be 'in probate' awaiting finalisation of the payment of death duties. (See IRS case in 'Trials and Tribulations).


The Estate is also obviously involved in other legal cases (eg vs HBO, vs Tohme Tohme), and the outcomes of those cases may have financial ramifications.

Other info about the MJ Estate is on the Michael Jackson internet page:
https://www.michaeljackson.com/michael-jackson-faq/
 
NatureCriminal7896;4288066 said:
Not trying scare anyone. but what would happen if they die in the future?

I’m not pessimistic by nature, but I can tell you that they will die in the future.
 
NatureCriminal7896;4288069 said:
I'm not either. i'm worry who would take it then? his kids? the family?

We’ll have total anarchy. Fans will raid the vault. ;)

Nah, I’m sure there’s a plan in place. It’s a business, someone else will handle it. For now, I wish them a long and healthy life. :)
 
I don't wish McClain and Branca death. i was only asking what will happen when that day comes. we don't want anyone who wasn't close to Michael to run it. the only thing i want from McClain and Branca is for them to do their jobs more often and give us more and new content.
 
Would it be possible for either 3T or Michael’s kids running the Estate if both Branca and McCain would be gone? I think they would be suitable to take job as executors.
 
"Fans would be better off if McClain and Branca were dead."

Not gonna lie to you, this is messed up.
I dont think thats what he meant. He meant that the estate as we know it in terms of how it is managed run should "die". Not the people running it. I agree. We would be in better hands if other people (his kids/brothers) were in charge imo.
 
I dont think thats what he meant. He meant that the estate as we know it in terms of how it is managed run should "die". Not the people running it. I agree. We would be in better hands if other people (his kids/brothers) were in charge imo.

No that's exactly what I meant. We as MJ fans would be far better off with family members (Janet especially) over Branca/McClain. They're part of the reason Michael is no longer here,along with Ortega and Phillips. So quite frankly I do wish karma would come give them a kiss. I don't really care if it's messed up because if they hadn't entered his life again in December 2008 Michael would still be here.
 
John Branca or John McClain can appoint another executor of the Estate (as a replacement for the deceased executor).

But, Janet Jackson is not suitable for becoming an executor of the Estate because:

Firstly, she lacks the legal experience and qualifications in order for her to successfully run the numerous and complex matters of the Estate.

And secondly, becoming an executor requires the time commitment factor, and certainly she has not time to devote on the Estate’s matters considering that her career as an artist takes up already a lot of her time (concerts, albums, etc).

I know that some of the Jackson siblings are dissatisfied with certain things that these two current co-executors did, but so far John Branca and John McClain generally have been handling the Estate’s matters effectively.
 
mj_frenzy;4288095 said:
John Branca or John McClain can appoint another executor of the Estate (as a replacement for the deceased executor).

But, Janet Jackson is not suitable for becoming an executor of the Estate because:

Firstly, she lacks the legal experience and qualifications in order for her to successfully run the numerous and complex matters of the Estate.

And secondly, becoming an executor requires the time commitment factor, and certainly she has not time to devote on the Estate’s matters considering that her career as an artist takes up already a lot of her time (concerts, albums, etc).

I know that some of the Jackson siblings are dissatisfied with certain things that these two current co-executors did, but so far John Branca and John McClain generally have been handling the Estate’s matters effectively.

Whatever this statement is true or not. you're right. janet got her own things to worry about. she can't hold her things and Michael's. or can she?
 
I really think his kids or his nephews should take it. Michael really didn't trust some of his family with his things anyway. which explains a lot.
 
You need business ppl to run a huge estate no one else.

Below is From ivy who wrote a detailed account of the trust at the time. The executors chose the next ones if they need to stand down

and bombshell - if no executors remain to look after the estate (and they don't determine the next group of executors), NATIONSBANK - in other words BANK OF AMERICA is named as the executor of the estate.

- If a Bank is the executor of the estate, his children when they are adults (18) could change the bank that's the executor.
 
ScreenOrigami;4288068 said:
I’m not pessimistic by nature, but I can tell you that they will die in the future.

Had a proper good laugh at that response haha!
 
We all gonna die. what makes it different if they die and we die? i don't like jokes like that and if we joking then some people gonna go my block list. i don't do hate at all.
 
We all gonna die. what makes it different if they die and we die? i don't like jokes like that and if we joking then some people gonna go my block list. i don't do hate at all.

All I know is, I don't wanna die before I've heard the true gems from the vault!
 
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None of you are thinking straight here. It doesn't makes any sense for his kids or family to take over the Estate when the time comes that it needs to fall into new hands. The Estate will be around for decades (or more). There's going to come a time when there's no-one around who knew Michael Jackson, but his legacy still needs to continue and excite people, just as Elvis does today.

At the end of the day, they partner with Sony Music (like it or not) and other companies in the industry. While they certainly contribute heavily in what should be released and what projects should be taken on, their day to day work is mostly legal in the form of how money is handled, who's profiting, lawsuits (to which many will continue for years and years) etc...

Whoever takes over will again be a legal representation more than anything, and creating good partnerships with music companies, movies studios, entertainment groups etc... who can pitch new ideas for their business to help continue Michael's legacy. Yes, it will all be about profit, as it's a business, but look at it like this: The more they profit, means the more successful something is; and the more successful something is means that Michael's legacy is flourishing for generations of the future. Michael left a HUGE footprint as to who he was, what he stood for and of course left behind a huge catalog of released and unreleased music and video. So have no fear that whatever gets released in the future will have Michael's energy in it and will represent him. Like any good company, the Estate owners will research and understand their product well. Michael Jackson has always been a product, even in life. The only difference now is nothing is up to him.
 
Why do people think that MJ's kids or his family would want to run Michael's estate? They have their own careers to worry about. And besides, you need people with business acumen to run an estate, which MJ's family don't have.
 
I was only asking because i don't want his estate to get in the wrong hands.

also what's this about McClain and Branca killing Michael? is that true? always though it was because of his "doctor"?
 
All I know is, I don't wanna die before I've heard the true gems from the vault!

If we don't see it at least our grandchildren or they children will. :laughing: but yeah. i hope we do hear and see a few more things before we leave this earth.
 
With their great vault of resources, I'd expect that the Estate do a better job. I don't want to grow old before we see an officially released Bad Tour concert in great quality. They need more capable people to handle the future video releases. I'd do the job for free but I'll never have the chance.
 
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