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Kids, Mum inherit Jacko’s wealth

A 2002 will by Michael Jackson divides his estate between his mother, three kids and one or more charities, the Wall Street Journal reported

Mike

But his father, Joseph Jackson, apparently does not feature, said the story. A lawyer for Jackson could submit the will, which was believed to be his last, to Los Angeles Superior Court as soon as Thursday, said the Journal.

It names lawyer John Branca and a music executive John Mclain, a friend of Jackson, as executors, according to the Journal.

Branca, who worked for Jackson from 1980 to 2006 and was rehired by Jackson a week before his death last Thursday, wrote the will in 2002, according to the newspaper account.

The singer’s parents have not seen the will, their lawyer said in an emailed statement to the Journal.

The report said Joseph Jackson, with whom the singer reportedly had a troubled relationship, was not believed to be included in the will.

It was not known what custody provisions the 2002 will sets out for Jackson’s three children. A Los Angeles court on Tuesday gave the singer’s mother temporary custody of the children until a hearing in July.

Jackson’s 79-year-old mother Katherine Jackson was granted the temporary custody of Jackson’s three children– Michael Joseph Jr, 12, Paris Michael Katherine, 11 and seven-year-old Prince “Blanket” Michael II by a Los Angeles Superior Court.

Ms. Katherine, who had also filed the court papers to take control of her son’s estate, will have to wait till July 6.

Jackson’s ex-wife Debbie Rowe, the mother of his two elder children is also expected to claim more access to her children and there is also the possibility that the mother of Jackson’s youngest child, Prince Michael II, may emerge to reclaim the boy.

The identity of the surrogate mother of Jackson’s third child remains a mystery till now.
The size and complexity of Jackson’s assets and debts is expected to pose a challenge in unwinding his estate, the Wall Street Journal said, estimating his debt at 500 million dollars.

His assets, which include a 50 percent stake in Sony/ATV Music Publishing, could exceed his debts by as much as 200 million dollars, it said.

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Entertainment Correspondent writes about Bollywood and the entertainment world.
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