Jackson’s will was to be filed Wednesday in Los Angeles. A person with knowledge of the document told The Associated Press on Tuesday that it gives guardianship over his children to the singer’s mother and leaves all his assets in a trust fund.
The will was signed on July 7, 2002, and named as executors Jackson’s longtime lawyer John Branca and John McClain, a music executive and a family friend, said the person, who spoke on condition of anonymity because he was not authorized to speak on the topic.
The family said in court documents Monday that it believed the 50-year-old entertainer died Thursday without a valid will and moved swiftly to take control over his lucrative, but debt-encumbered, estate.
In response, Judge Mitchell Beckloff granted Jackson’s 79-year-old mother, Katherine Jackson, temporary guardianship of her son’s three children, who range in age from 7 to 12.
The judge also gave her control over some of her son’s personal property that is now in the hands of an unnamed third party. But the judge did not immediately rule on her requests to take charge of the children’s and Jackson’s estates.
On its face, the move by Jackson’s family to proactively take legal action does not seem to conflict with the singer’s stated desire to have his children put under his parents’ care and their financial welfare assured.
Experts said the personal bankruptcy of Jackson’s parents in 1999 could work against Katherine taking control of the estate.
Court documents show Katherine and Joe Jackson filed for Chapter 7 and listed nearly $24 million in debts that included court judgments, auto loans and credit cards. The only valuable asset listed was a house in Las Vegas then valued at $290,000. The bankruptcy was terminated in March 2007, but the documents gave no further details.
“I think it would be a negative factor but not necessarily a disqualifier,” said Beth Kaufman, a Washington-based attorney specializing in estate tax issues. “It could indicate that she is not capable of sound financial management.”
More details emerged Tuesday about the recent state of Jackson’s finances. In the most detailed account yet of the singer’s tangled financial empire, documents obtained by the AP show Jackson claimed to have a net worth of $236.6 million as of March 31, 2007.
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