Almost every day, I read something in the day’s headlines that reinforces my belief that estate planning is important at any age. Take for example the sad case of Michael Jackson, 50 years old. The King of Pop was no king when it came to planning for his family’s care after his death. After the initial shock, the next news was about his estate. Apparently this man, with one of the most complex estates in the world, did not have an estate plan! This is shocking. Without will. no trust No instructions on childcare from him. He did not appoint himself administrator. Any!

What can we learn from this fiasco? First, don’t wait until you’re older to set up an estate plan. Death often comes without warning. A couple of days after Michael’s death, Billy Mays (also 50) died. Happens. I cannot stress enough the importance of planning when you are young. If your situation changes, you can always modify or change your plan. But, whether you choose me to prepare it or not, get an estate plan from someone and do it!

Next, we learn the importance of making decisions for yourself. In Michael’s case, the courts must now decide what is best for Michael’s children. They will select a guardian of each child’s person (who will raise them) and a guardian of each child’s estate (who will manage her money). Michael’s wishes are unknown and cannot be considered. Even if he told someone about his wishes, those conversations will not see the light of day in court because they are baseless. Michael will have no say in how the children are raised. Jehovah’s Witness, Scientology, Muslim, A court will decide.

Third, the lawyers will have a field day in this succession. Fees will probably be in the millions by the time it’s done. Estate taxes will also further tear the estate apart, if the tangled web of your financial situation ever unravels. Legal and tax disputes will continue for many years.

Now, I know that his estate is not as complex as Michael Jackson’s. That doesn’t mean you can put off creating your own estate plan. It will probably never cost you less than it does now and you shouldn’t take the risk of not having your own estate plan. Get out of Neverland and plan your estate. Never say Never. Don’t be like Mike.