Jackson's will leaves estate in trust
Los Angeles (AP): Michael Jackson's seven-year-old will was filed on Wednesday in a Los Angeles court, giving his entire estate to a family trust and naming his mother as a beneficiary of the trust and the guardian of his three children.
The will names singer Diana Ross as a successor guardian to 79-year-old Katherine Jackson if necessary.
The will, dated July 7, 2002, estimated his estate at that time at more than $500 million. It gives the entire estate to the Michael Jackson Family Trust. His former wife Debbie Rowe is cut out of the will.
The documents said Jackson's estate consisted almost entirely of "non-cash, non-liquid assets, including primarily an interest in a catalogue of music royalty rights which is currently being administered by Sony ATV, and the interests of various entities."
It also names Jackson's longtime lawyer John Branca and John McClain, a music executive and a family friend, as co-executors of the will.
Jackson, who died on Thursday at age 50, left behind three children: son Michael Joseph Jr, known as Prince Michael, 12; daughter Paris Michael Katherine, 11; and son Prince Michael II, seven. Ms. Rowe was the mother of the two oldest children; the youngest was born to a surrogate mother, who has never been identified.
The children are named in the will.
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