Michael Jackson’s will has been filed in court, and the document leaves the singer’s entire estate to the Michael Jackson Family Trust.
The will, dated July 7, 2002, estimated his wealth at the time to be more than $500 million, and says that amount 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.”
The will also names his mother Katherine Jackson as a beneficiary of the trust and the guardian of Jackson’s three children, ages 7 to 12. Singer Diana Ross is named as a successor trustee to Jackson’s mother, if needed.
Ex-wife Debbie Rowe is not included in the will, but Jackson’s lawyer John Branca and John McClain, a music executive and a family friend, are mentioned as co-executors.
The pair released a statement: “The most important element of Michael’s will is his unwavering desire that his mother, Katherine, become the legal guardian for his three children. As we work to carry out Michael’s instructions to safeguard both the future of his children as well as the remarkable legacy he left us as an artist we ask that all matters involving his estate be handled with the dignity and the respect that Michael and his family deserve.”
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The discovery of the seven-year-old document came after Jackson’s family expressed concern that he died without leaving a valid will.
“His various advisers over time are looking for additional documents,” said Londell McMillan, a New York attorney hired by Jackson’s mother to represent the family.
Jackson’s finances have been under scrutiny since his Neverland Ranch went into foreclosure last year. However, Jackson had a net worth of more than $236 million as of March 2007, according to documents obtained by the AP. His parents Katherine, who is reportedly named as executor of his estate in the will, and Joe Jackson filed for bankruptcy in 1999.
A hearing was scheduled for Monday in Los Angeles Superior Court on guardianship for the children and Katherine’s petition to administer the estate. Katherine was awarded temporary guardianship of the three children on Monday.
Meanwhile Tuesday, CNN and several networks reported memorial plans for Jackson at Neverland Ranch in Santa Barbara, although no one from the family has confirmed reports. The AP reports that construction workers were seen entering the ranch Wednesday, fueling speculation that there are plans for some sort of activity there this weekend.
His body is reportedly going to be taken by motorcade to the ranch for a public viewing Friday, followed by a private memorial service limited to family Sunday.
Santa Barbara County officials said Tuesday evening that they could not confirm those plans, though they’re making contingency arrangements in case a large memorial event is held in the area.
