Unless you have been living in a cave without a television, newspaper, computer or any other connection to the outside world, you know that Michael Jackson passed away on June 25.

Since then, his will has been filed with the probate court, and the document reveals the names of the executors and nominated guardians for his minor children. The will also reveals that his assets will be added to a trust and names the trustees. We don't know the terms of that trust or the extent of Jackson's assets and liabilities, but we can learn from what we already know about his estate, and examine the estate planning issues that any music icon would need to consider.

Establish a Trust

Jackson was well advised by his counsel to use a "pour over" will and trust (presumably one that was revocable during his life). The trust shields the disposition of Jackson's estate from the public and provides privacy for his family and heirs.

All we know is that his assets are added to a trust, but the beneficiaries and the nature of their interests in the trust remain private. Unlike a will, a trust is not filed with the probate court where it becomes a public document. Also, to the extent that Jackson transferred assets to his trust during his lifetime, those assets will not be subject to the expense and delays of probate. Based on news reports, it appears that he did not transfer all of his assets to his trust, and those assets will become known to the public through the inventories that must be filed with the court.

Jackson's eldest child, Prince Michael, is only 11-years-old. Along with his siblings, he is likely to inherit millions of dollars, if not tens or hundreds of millions of dollars. Ideally, an inheritance of such size would be left to trusts for the children's benefit. A trust could provide professional management of the assets, and keep them from passing directly to the children when they turn 18- or 21- years-old. Turning over assets to young adults has two potentially harmful outcomes.

It puts the assets in reach of the children's creditors (e.g., future spouses, or people who frivolously sue them hoping for a large settlement), and it can also destroy the children's desires (or needs) to embark on careers of their own. "Trust-fund babies" are not immune to this but, if properly drafted, such motivation will not be jeopardized.

Trusts have many advantages for the decedents and their families. If Jackson made gifts to an irrevocable trust, those assets are free of estate tax, and avoid issues with probate proceedings, the settlement of lawsuits and the overall administration of the estate. Jackson's children would have had immediate access to those funds, subject to the terms of the trust. The trust would have isolated those assets from Jackson's creditors, which is especially important if his liabilities exceed his assets.

Moreover, the trust could have owned insurance on his life, which would have provided an immediate cash benefit free of income and estate taxes to his heirs, regardless of the value of his estate.

Revisit Estate Plan Frequently

We learned that Jackson had not revised his will since 2001. As a single parent with young children, he should have revisited his estate plan frequently.

Those named as executors and guardians may no longer be appropriate, either because they have advanced in age or because Jackson's relationship with those people changed. Also, the named executors and trustees may no longer be appropriate due to changes in magnitude, nature or composition of the assets, or their level of financial sophistication.

Consider Special Assets

Aside from Jackson's investments and real estate holdings, we know that his greatest assets will likely be his name, image and copyrights to his music. Celebrities should consider whether estate planning documents—trusts in particular—should set forth rules and restrictions on how their images and copyrights can and cannot be used.

For example, Jackson could have restricted the types of companies or causes that could use his music in advertisements, allowed for completely free use of his works for any purpose, or granted certain charitable organizations license to use his works. These issues are important to consider, otherwise the decisions are left to the trustees who will manage those rights for decades to come.

Jackson had other assets that bear special consideration. He reportedly had a 50% ownership interest in a joint venture with Sony Corp., which owns the copyrights to the Beatles' music, among several other mega-music stars. This asset is likely to be the Jackson's most valuable, and also the most lucrative in years to come. The recipient and manager of this asset should have received considerable attention in his trust. In the same vein, Jackson's furnishings, artwork and collections should have been carefully considered. Some of these possessions may be worth more than their monetary value to a museum or a Hall of Fame.