Michale Jackson’s will surfaced
The will, dated July 7, 2002, estimated his estate at that time at more than $500 million., giving his entire estate to a family trust but specifically excluding his former wife Debbie Rowe – "I have intentionally omitted to provide for my former wife," the will noted. The will gives the entire estate to the Michael Jackson Family Trust.
Michael Jackson’s mother, Katherine Jackson, 79 year-old is named as a beneficiary of the trust and the guardian of Jackson’s three young children, who are named in the will.
According to the document, Jackson named Diana Ross as his choice for alternate guardian of this three kids in the event his mother was unable to raise them. "If any of my children are minors at the time of my death, I nominate my mother, Katherine Jackson as guardian of the persons and estates of such minor children,” "If Katherine Jackson fails to survive me, or is unable or unwilling to act as guardian, I nominate Diana Ross as guardian of the persons and estates of such minor children."
Jackson who died on Thursday at the age of 50 year-old, left behind three children: son Michael Joseph Jr., known as Prince Michael, 12; daughter Paris Michael Katherine, 11; and son Prince Michael II, 7. Debbie Rowe is the mother of the two oldest children; the youngest was born to a surrogate mother, who has not been identified.
The 5 pages document said Jackson’s estate consisted almost entirely of "non-cash, non-liquid assets, including primarily an interest in a catalog of music royalty rights which is currently being administered by Sony ATV, and the interests of various entities."
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Why am I not suprised that Joe Jackson name was not included in Michael’s will?
Why not Diana Ross? She’s a excellent mom and Michael knew that she would protect his children’s estate…ferociously.
I think MJ’s mom is not really a suitable guardian based on her age than anything else. I just fail to understand why he did not update his will or create a living trust for those he care for.
People with way less assets are using trust to bypass probate and to keep financial info private, something a star like MJ or his lawyer should have advise him. Just makes you wonder …