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
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