Inside Michael Jackson’s Will

At first, it was unclear whether Michael Jackson had a will or not. But yesterday afternoon, Jackson family attorney Londell McMillan said that the artist’s will has been presented and is due to be filed in probate court.

Hours after Katherine Jackson won temporary custody and control over her son’s estate, a will drafted in 2002 surfaced. It stated that the deceased singer left all his assets to the Michael Jackson Family Trust and has named his 79-year-old mother Katherine, as guardian of his children – Prince, 12, Paris, 11, and Blanket, 7.

The will that was drafted by Jackson’s longtime attorney John Branca, didn’t named the King of Pop’s father, Joe Jackson as an heir. Branca represented the singer from 1980 to 2006, and was rehired by Jackson just one week before his sudden death. Branca and music executive John McClain, a longtime friend of Jackson, are named as executors.

A source also shared what’s written on the will, “There are no numbers in the will. The assets are going into the family trust.” For privacy reasons, the source cannot name the specific beneficiaries of the trust.

Meanwhile, Michael Jackson’s family is still reviewing the contents of his last will and testament, as McMillan said, “No will has been presented to family or us. We will review any will when we see it.”

Several medias reported the pop icon’s finances; according to the Journal, Jackson died with roughly $500 million in debt, but his assets are believed to dwarf that staggering figure by $200 million. Another report prepared by Washington D.C.-based accounting firm Thompson, Cobb, Bazilio & Associatesin March 2007 claimed that the pop star had $567.6 million in assets, and a net worth of $236 million. The five-page report said Jackson’s debts totaled $331 million and made the star out to be relatively strapped for actual funds, claiming he had just $668,215 in cash.

Who will have all the cash? Well, we’ll have to wait for next development then… Stay tune here!

[ via E! Online and People ]

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