8 replies to this topic

[magic]

I am little bit confused about those laws and about who really has last word over Michael's estate. The Estate's executors are 3 ppl pointed by Michael in his last will. So they are ruling his estate, right? Can they also sell Michael's share of ATV catalog? And what happens when children hit 18. Can they rule over ATV then?

[Sugar_Plum]

That's the great question Magic... ;) i need to know this too ;)

[Sharon007]

I know the kids cant access any of Michaels money until they are 30. But I'm not sure if this includes ATV.

[magic]

30 or was it 32?

And yes, but can Estate's executors has right to sell anything from Michael's estate? How much power they have over estate?

[soap]

I would think they have all the power they need. Who else should make these decisions?

[magic]

soap, on 20 January 2011 - 10:10 PM, said:

I would think they have all the power they need. Who else should make these decisions?

I had the same question, who else? Maybe there is some law that forbids them to sell anything? Maybe it is about involving is projects and looking after his estate (till children is either 18 or 30).

[soap]

magic, on 20 January 2011 - 10:15 PM, said:

I had the same question, who else? Maybe there is some law that forbids them to sell anything? Maybe it is about involving is projects and looking after his estate (till children is either 18 or 30).

No. Someone has to be able to take the decisions and I believe that Michael wanted the estate to do that when he chose them.
They can do whatever they want as long as they follow Michaels guidelines.
And if it comes to a point where they have to sell the ATV, then they can do it. Otherwise it would have been in the will, that the ATV will go to the kids.
But still if Michael/The estate need money, they have to take it from there. They need to survive or they can lose everything.

And it says in the will, that he gives the full power to sell and invest to the estate.

[magic]

ok, I don't remember the selling part.

But there is a thing that we don't have the whole thing of the will. Where there is said that money to children will go when they are 30, or 32, don't remember. I didn't see it in the will that was released. So maybe there is also some text about Michael saying to not sell ATV but give it to his children when they grow up.

[soap]

Yes. Of course there can be something we don't know.
There might also be something in the law. At least here in Denmark you can't take everything away from the kids. Even if you put it in the will.