Michael Jackson named Diana Ross as succesor guardian of his minor children

Michael Jackson named the singer Diana Ross, as the guardian of his children should his mother not be able to care for them, according to report by Telegraph

In his five-page will, which has been registered in Los Angeles County Superior Court, he leaves his £303 million ($500million) estate in a trust for his children.
He states that his 79-year-old mother, Katherine, should be carer for his three children, Prince Michael I, 12; Paris, 11, and Prince Michael II, seven.

It said that should his mother be unable to look after their children, then Diana Ross, 65, his mentor, should be their guardian.

The will was made on July 7, 2002.

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."


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Jacksons Will Leaves Estate to Family Trust

The Wall Street Journal reported that Michael Jackson's seven-year-old will bequeaths his estate to a family trust, which in turn is to distribute his sizable assets among his three children, his mother and charities, according to people with knowledge of the trust's terms.

The document, signed by Mr. Jackson and dated July 7, 2002, was filed in Los Angeles Superior Court Wednesday morning. But the terms of the Michael Jackson Family Trust haven't been made public. It isn't clear if or when they will be.

The trust makes a provision for the payment of estate taxes, which could be considerable given that the value of Mr. Jackson's assets may exceed his massive debts by as much as $200 million.

The trust makes no provision for Mr. Jackson's father, Joe.

The will states that Mr. Jackson deliberately made no provision for his ex-wife, Debbie Rowe.

source: http://online.wsj.com/article/SB124645346588379701.html

To learn more about estate planning, please read articles written & published by Lee Khee Chuan at: www.lkcestateplanning.com