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Jackson Estate Goes to Family Trust: Will
Singer named Diana Ross as backup guardian for children
(AP)
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Michael Jackson's 7-year-old will was filed today in a Los Angeles court, giving his entire estate to a family trust. His mother, Katherine Jackson, is named as a beneficiary of the trust and the guardian of Jackson's three young children, who are named in the will. The will names Diana Ross as a successor trustee to Jackson's mother if necessary.
Dated July 7, 2002, the will estimated his estate at that time at more than $500 million. It gives the entire estate to the Michael Jackson Family Trust. His former wife Debbie Rowe is cut out of the will. 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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