LOS ANGELES – Details of Michael Jackson’s will began to emerge yesterday with all of his multimillion-dollar estate being placed in a family trust, even as plans for his highly anticipated funeral remained sketchy.
The will, signed in 2002, estimates his estate at that time to be worth in excess of $500 million (€353 million) and was filed with a Los Angeles Court.
In it, Jackson leaves his entire estate to the Michael Jackson Family Trust, which ultimately benefits his three children, mother and unnamed charities.
Jackson’s 79-year-old mother, Katherine Jackson, is nominated to be guardian of Jackson’s children: 12-year-old Prince Michael I, 11-year-old Paris and seven-year-old Prince Michael II.
If she should be unwilling and unable to be guardian, Jackson nominated his friend, pop star Diana Ross, to be the children’s guardian.
The five-page document said: “I have intentionally omitted to provide for my former wife, Deborah Rowe Jackson.”
The will names Los Angeles-based attorney John Branca, a long-time Jackson counsel, and music industry executives John McClain and accountant Barry Siegel as co-executors, but Mr Siegel resigned as a co-executor in 2003.
Jackson’s will has been the subject of much speculation since the pop star died last Thursday at his rented Los Angeles home.
The pop star, whose 1982 record Thrilleris the best-selling album of all time, left behind an estate that includes part ownership in a Beatles music catalogue and his own music company that held rights to some of his music.
He was said to be as much as $500 million in debt when he died, but his assets have been reported to be worth as much as $1 billion. That value could rise over time if his popularity in death grows, as with other entertainers like Elvis Presley.
Meanwhile, the Los Angeles Timesreported that Jacksons body will not be buried at his Neverland Ranch in central California due to legal regulations about private residence burials.
California Highway Patrol spokesman, officer Miguel Luevano, told Reuters that late on Tuesday, officials met Jacksons family to discuss funeral arrangements. The Los Angeles Timessaid plans for a memorial service may be shifted to Los Angeles huge Staples Center arena, but that could not immediately be confirmed. – (Reuters)