Michael Jackson's estate is still raking in considerable funds two years after the iconic singer's death. Michael Jackson was the top-selling singer of 2009 mostly due to the surge in sales that came after his death. The surge in sales would not have been enough to settle the vast debts that Jackson incurred, but shrewd estate administration has helped trim $200 million of debt from the formerly financially strained estate.

Settling an estate is not easy and often frustrating for New Jersey residents. That is why it is important to obtain the counsel of an experienced estate administration attorney. An estate administrator looks after the assets and trusts of a testator for the benefit of others and helps settle the debts associated with an estate. There are a lot of paperwork and filing requirements associated with the administration of an estate, which is why it is important to have an experienced lawyer on your side to guide you through the process.

Although the majority of estates settle relatively quickly, estates involving significant debts, minors as beneficiaries and multiple companies may take longer to settle. In the case of the Michael Jackson estate and the estate of other celebrities, estate administrators can stay on for decades because the name and rights associated with the testator remain valuable.

The Michael Jackson estate brought in about $310 million in the two years since he died from merchandise, music and publication rights. The publication rights are associated with Michael Jackson's vast catalog that has songs from the Beatles and Elvis, among other stars.

In our next post we will discuss more details of the estate administration process.

Source: Business Week, "Michael Jackson's Estate Wants to Keep Thrilling," Ronald Grover and Andy Fixmer, Jan. 5, 2011