A look at who wins and loses in the will of Michael Jackson
By APThursday, July 2, 2009
Jackson’s will: Who wins and loses?
A look at who wins and loses in Michael Jackson’s 2002 will, which aims to move all of his estimated $500 million-plus assets into a private family trust.
SHUT OUT: Ex-wife Debbie Rowe; Jackson’s father Joe Jackson.
CLEAR WINNERS: Mother Katherine, 79, who also was named guardian of Jackson’s children; son Michael Joseph Jr., known as Prince Michael, 12; daughter Paris Michael Katherine, 11; and son Prince Michael II, 7. All were called trust beneficiaries in documents filed with the will.
POTENTIAL WINNERS: Several Jacksons were named “contingent remainder” beneficiaries, who usually gain once the main beneficiaries pass away. They include the three sons of brother Tito Jackson — Taj, Taryll, and T.J., who make up the band 3T.
CHARITIES: Unknown, but one of the people to be notified of the will is California Attorney General Jerry Brown, whose office oversees charitable gifts from estates.
MOTOWN MOM: Diva Diana Ross was named guardian of his children if Katherine passes away or is unable or unwilling to serve.
EXECUTORS: Three executors were named in the will, but one, Santa Monica accountant Barry Siegel, resigned in 2003. The remaining co-executors are John Branca, a longtime Jackson attorney who split from Jackson in 2006 but says he was rehired two weeks ago, and John McClain, a music executive and longtime friend.
INSURANCE: Documents indicate the existence of a “Michael Jackson Insurance Trust.” Estate lawyer Roy Kozupsky said if that trust holds a life insurance policy, the proceeds could be used to pay off the huge tax bill the estate could owe the federal government.
