Wills vs Trusts

Usually one of the first questions asked after someone dies is if they had a will or not. That was the case in the recent death of Michael Jackson. The family produced a 5 page, 7 year old document transferring Jackson's estate into a family trust.

A will generally spells out a one-time distribution of assets, while a trust can stipulate that assets be distributed over a periods of time. With young children, a trust can give them their inheritance in installments such as birthdays, graduations etc.

In many states, including California, trusts are used in place of wills partly as a way to avoid court proceedings and keep financial matters private. Wills must be filed in probate court where they become public documents. Trusts are usually more complicated to set up than wills and may be more expensive to have them drawn up. With a trust, assets are transferred to the designated trustee upon your death. An executor carries out the contents of a will. A trustee does the same thing with the trust but usually for a longer period of time.

There are many questions related to death. One of the main ones is "What happens to the debts I leave behind?" Another one is "What are the benefits of setting up a trust?"

*** This post is for informational purposes only. An attorney should be consulted before any decisions are made concerning a person's final wishes. ***

Obsession with Celebrity Deaths

There was Elvis Presley, Princess Diana and now Michael Jackson who were and are being revered in death.

Do many people have an unhealthy obsession with the death of a celebrity? Approximately 17 people committed suicide after learning about the death of Michael Jackson. His passing overshadowed the death of Farrah Fawcett whose death overshadowed the passing of Ed McMahon the same week.

30 years ago, the now-defunct New Times magazine said: "There are almost no famous people anymore, only celebrities. That's because fame is too suggestive of steady achievement. Almost anyone can be a celebrity".

When Princess Diana died, she garnered more TV coverage than Mother Teresa. The question remains: who made the greater contribution?

The list of celebrities who have turned their lives into a train wreck is growing. Why do so many chose to idolize the "celebrities" who have broken, lousy relationships and use drugs especially when they see where it leads for many of them.

Since the beginning of 2009, many have died with little or no fanfare including:

Milvina Dean (last Titanic survivor)
Exodus Tyson (Michael Tyson's daughter)
Socks (the White House cat)
Andrew Wyeth (artist)
John Updike (author)
Ingemar Johansson (fighter)
Louis Belson (musician)
Paul Harvey (radio personality)