Recently the news broke that the Estate of Michael Jackson sold the 50% interest Michael Jackson owned in Sony/ATV for $750 million. I cited an article that valued that catalog in the billions several years ago. It's been just brought to my attention that the catalog, which contained more current artists than just the Beatles, according to the video below, was actually valued at $50 billion in 2015:
The abuse of trust or a breach of fiduciary duty by a trustee can be devastating. When an individual plans the distribution of his or her estate among beneficiaries, either by writing a will or creating a living trust, he or she will typically put responsibility for the matter into the hands of a trustee. A trustee may be a person or an organization that is qualified to handle the distribution of the estate according to the written wishes of the individual upon his or her death. A trustee can, in fact, be anyone specified by the deceased, from a lawyer to a financial investment company to a family member or friend. Known as a fiduciary, the trustee is someone who is legally bound to represent the individual in making decisions regarding the estate, and to oversee matters in that individual’s place. This is a legal obligation for anyone appointed trustee of an estate.
When You Can’t Trust the Trustee
If the trustee doesn’t perform his or her duties as stated, i.e. if he or she acts in a way that is disloyal or careless and constitutes an abuse of trust regarding the wishes of the estate holder, then he or she can be considered in breach of fiduciary duty. This is legally an abuse of trust, and that person or company can be held responsible.
It can be difficult to determine exactly when an abuse of trust has taken place, simply because the trustee’s position does allow for him or her to make judgment calls to a certain extent; this means not all of the rules are cut and dried. However, if the evidence seems to show that the person didn’t act with reasonable care, skill, or prudence, he or she may be liable.
How to Recognize a Breach of Fiduciary Duty by the Trustee
Typically, an abuse of trust case is brought against a trustee by one of the beneficiaries, since they are the ones who suffer at the hands of his mistakes. There is no official enforcer of the trustee’s job, aside from the beneficiaries to whom he is responsible; however, a beneficiary who feels that his or her rights are not being protected, or who feels that the wishes of the deceased are not being upheld, has every right to file a claim against the trustee. Some common scenarios in which a breach of trust has taken place include:
Filing a Claim for Breach of Fiduciary Duty by the Trustee
If a beneficiary wants to file a breach of trust against a trustee, he or she must generally do so within one year of the incident’s original documentation. If the court agrees that the breach took place, in most cases a third party will step in and ensure that the beneficiary’s claim is handled properly and he or she is given what he is entitled to have according to the will or trust. Depending on the nature of the breach and whether or not it can be clearly proven, the trustee may also be subject to removal from the position and ordered to pay fines and/ or compensation to any beneficiaries injured by his or her actions. In addition, a beneficiary may sue a trustee personally in their capacity as the trustee in probate court.
Getting Help
If you believe that the trustee managing an estate you are involved in has been abusing his position, you should strongly consider speaking with a lawyer as soon as possible. Your attorney can help you to gather evidence and take the proper action against a trustee so he does not do any further damage to the assets of the estate.
Source: http://law.freeadvice.com/estate_planning/trusts/breach-of-fiduciary-duty-trustee.htm#ixzz43gNrdTUD
Under Creative Commons License: Attribution
You have valid evidence. The recent sale of your father's share in the Sony/ATV is documented in their press releases and I'm sure a valid estimation of it's true worth can be obtained by an independent party. It is clear they are not acting in the best interests of the Estate or it's beneficiaries.
Don't wait. Go about your way personally. Let only those you trust know what you do or don't do and be careful of the snakes in the grass. You CAN do this. It's your future and the vindication of your father and name. If you need help, I heard this guy was pretty good:
Today there are reports that Michael Jackson's children 'face bills that could wipe out their Sh131 billion inheritance' all over the net.
These kinds of articles make you wonder just who is reporting the information, however, one thing that is obvious to me is that the Michael Jackson Estate is trying to liquidate all of the assets. Not only stealing from Michael Jackson, but now his children.
This type of strategy could mean several things. They are running scared, they're trying to play hard ball and using the children, possibly both or they are simply looking to get out.
Michael Jackson's children, whether they have billions from the Estate, or hundreds of dollars from their OWN earnings will do just fine. I don't think they'll have to steal money or catalogs from anyone to make their way in this world. However, if I were them, I'd definitely think about taking legal action against John Branca and John McClain personally, since these are the people who are making the executive decisions regarding their welfare. Prince is over the age of 18 and Paris is just behind him. I would guess that almost all of their actions constitute a breach of fiduciary responsibility to the Estate itself.
Here is some information that can get you started:
Abuse of Trust: Breach of Fiduciary Duty by the Trustee
by FreeAdvice staff
The abuse of trust or a breach of fiduciary duty by a trustee can be devastating. When an individual plans the distribution of his or her estate among beneficiaries, either by writing a will or creating a living trust, he or she will typically put responsibility for the matter into the hands of a trustee. A trustee may be a person or an organization that is qualified to handle the distribution of the estate according to the written wishes of the individual upon his or her death. A trustee can, in fact, be anyone specified by the deceased, from a lawyer to a financial investment company to a family member or friend. Known as a fiduciary, the trustee is someone who is legally bound to represent the individual in making decisions regarding the estate, and to oversee matters in that individual’s place. This is a legal obligation for anyone appointed trustee of an estate.
When You Can’t Trust the Trustee
If the trustee doesn’t perform his or her duties as stated, i.e. if he or she acts in a way that is disloyal or careless and constitutes an abuse of trust regarding the wishes of the estate holder, then he or she can be considered in breach of fiduciary duty. This is legally an abuse of trust, and that person or company can be held responsible.
It can be difficult to determine exactly when an abuse of trust has taken place, simply because the trustee’s position does allow for him or her to make judgment calls to a certain extent; this means not all of the rules are cut and dried. However, if the evidence seems to show that the person didn’t act with reasonable care, skill, or prudence, he or she may be liable.
How to Recognize a Breach of Fiduciary Duty by the Trustee
Typically, an abuse of trust case is brought against a trustee by one of the beneficiaries, since they are the ones who suffer at the hands of his mistakes. There is no official enforcer of the trustee’s job, aside from the beneficiaries to whom he is responsible; however, a beneficiary who feels that his or her rights are not being protected, or who feels that the wishes of the deceased are not being upheld, has every right to file a claim against the trustee. Some common scenarios in which a breach of trust has taken place include:
- The trustee’s own finances are mingled with the estate (this is not uncommon, given that the trustee is sometimes a family member; however, clear records must be kept and the trustee must make every effort to create distinction between his funds and those of the estate; if this is not done, it constitutes a breach.
- Conflicts of interest in which the trustee may have personal reasons to act in a way that goes against the wishes of the deceased and best interests of the beneficiaries. A trustee must not profit from the trust, borrow from the trust, or any number of other transactions that would benefit the trustee personally.
- The trustee fails to stop a co-trustee or other responsible party from acting in a way that constitutes a breach of trust; any co-trustees are jointly responsible for the behavior of all.
Filing a Claim for Breach of Fiduciary Duty by the Trustee
If a beneficiary wants to file a breach of trust against a trustee, he or she must generally do so within one year of the incident’s original documentation. If the court agrees that the breach took place, in most cases a third party will step in and ensure that the beneficiary’s claim is handled properly and he or she is given what he is entitled to have according to the will or trust. Depending on the nature of the breach and whether or not it can be clearly proven, the trustee may also be subject to removal from the position and ordered to pay fines and/ or compensation to any beneficiaries injured by his or her actions. In addition, a beneficiary may sue a trustee personally in their capacity as the trustee in probate court.
Getting Help
If you believe that the trustee managing an estate you are involved in has been abusing his position, you should strongly consider speaking with a lawyer as soon as possible. Your attorney can help you to gather evidence and take the proper action against a trustee so he does not do any further damage to the assets of the estate.
Source: http://law.freeadvice.com/estate_planning/trusts/breach-of-fiduciary-duty-trustee.htm#ixzz43gNrdTUD
Under Creative Commons License: Attribution
You have valid evidence. The recent sale of your father's share in the Sony/ATV is documented in their press releases and I'm sure a valid estimation of it's true worth can be obtained by an independent party. It is clear they are not acting in the best interests of the Estate or it's beneficiaries.
Don't wait. Go about your way personally. Let only those you trust know what you do or don't do and be careful of the snakes in the grass. You CAN do this. It's your future and the vindication of your father and name. If you need help, I heard this guy was pretty good:
MESEREAU LAW GROUP, APC
10100 Santa Monica Blvd., Suite 300
Los Angeles, CA 90067
Tel: (310) 651-9960
Fax: (310) 772-2295
Website: www.mesereaulaw.com
Email: mesereau@mesereaulaw.com
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