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When Michael Jackson died unexpectedly on June 25, 2009, he left behind three minor children, Michael Joseph "Prince" Jackson, Jr., Paris Katherine Michael Jackson, and Prince Michael "Blanket" Jackson II, and, fortunately for them, an estate plan including a Last Will and Testament and a Revocable Living Trust.Because Michael Jackson's estate plan is a "trust-based estate plan," as opposed to a "will-based estate plan," his Last Will and Testament, referred to by estate planning attorneys as a "Pour Over Will," is a relatively short document consisting of only five pages. The King of Pop signed his Last Will and Testament on July 7, 2002, and below you will find a summary of its brief contents.Summary of the Provisions of the Last Will and Testament of Michael Joseph Jackson1. As mentioned above, Michael Jackson signed his will on July 7, 2002.2. All prior wills made by Michael Jackson are revoked in their entirety.3. Michael Jackson's estate is left to the "Trustees of the Michael Jackson Family Trust, an amended and restated Declaration of Trust executed on March 22, 2002." This is the "pour over" aspect of Jackson's trust-based estate plan - in other words, the will "pours over" the assets of Jackson's estate into the hands of the Trustees of the Michael Jackson Family Trust. Note that the Michael Jackson Family Trust is a revocable living trust, not a special type of irrevocable trust that is sometimes referred to as a family trust and is used by married couples to reduce estate taxes.4. A long time attorney for the Jackson family, John Branca, music executive John McClain, and accountant Barry Siegel are named to serve as Co-Executors of the will. Since Mr. Siegel signed a letter on August 26, 2003, in which he declined to serve as an executor, only John Branca and John McClain were appointed to serve as the Co-Executors and are still currently serving as such.5. Michael Jackson's former wife and mother of Prince Jackson and Paris Jackson, Deborah Jean Rowe Jackson, is intentionally omitted as a beneficiary of the will. Jackson and Rowe were married in November 1996 and divorced in October 1999.6. Michael Jackson's mother, Katherine Jackson, is named to serve as the guardian for Jackson's minor children.7. If Katherine Jackson is unable or unwilling to serve as the children's guardian, then Diana Ross (yes, that Diana Ross) is named to serve as the back up guardian. What about Debbie Rowe, who is the natural parent of two of Jackson's three children? She and Katherine Jackson reached an agreement in August 2009 which allowed Katherine Jackson to serve as the guardian for all three of the children, and she still serves as their guardian today.8. The will appears to be signed by John McClain and Barry Siegel as two of the three witnesses.9. As required by California law, the related "Petition for Probate" lists all of the beneficiaries and fiduciaries named in the will and in the Michael Jackson Family Trust. Blatantly omitted from the list is Michael Jackson's father, Joe Jackson.10. Contrary to popular belief, a will is not required to list anything about the nature of the testator's assets or net worth, and such is the case for Michael Jackson's will.Who Will Inherit Michael Jackson's Estate and When?OK, so Michael Jackson's will "pours over" his estate into the hands of the Trustees of the Michael Jackson Family Trust - what does this mean? With a trust-based estate plan, it is the trust agreement, not the pour over will, that dictates who will inherit what and when they will inherit it. Thus, if you want to know who stands to inherit Michael Jackson's estate, then you will need to read a copy of the 21-page Michael Jackson Family Trust. If you do not want to read the agreement for yourself, then fortunately I have also taken the time to create a summary of the contents of the trust: What Does the Michael Jackson Family Trust Say?
Summary of the Provisions of the Michael Jackson Family Trust1. Michael Jackson signed the original trust agreement on November 1, 1995. Regardless, the governing trust agreement that existed at the time of Jackson's death back in June 2009 was a fully amended and restated version signed by him on March 2, 2002.2. A long time attorney for the Jackson family, John Branca, music executive John McClain, and accountant Barry Siegel were named to serve as Co-Trustees of the trust. Nonetheless, Barry Siegel signed a letter on August 26, 2003, in which he declined to serve as a Co-Trustee, leaving Branca and McClain to serve as the Co-Trustees. Both still serve in this capacity today as well as Co-Executors of Michael Jackson's estate.3. The first 20% of Michael Jackson's estate is to be left to one or more children's charities selected by a committee consisting of Jackson's mother, Katherine Jackson, and Co-Trustees John Branca and John McClain. The committee can choose among existing charities or establish one or more charities in order to satisfy this bequest.4. The balance of the trust assets remaining after the payment of estate taxes, medical bills, funeral expenses, attorney's fees, and other costs incurred in settling Jackson's estate is to be distributed 50% equally among Jackson's three children, Prince, Paris and Blanket, and 50% to Katherine Jackson.5. Katherine Jackson's 50% share is to be held in a lifetime trust for her benefit with John Branca and John McClain serving as Co-Trustees. The Co-Trustees have the complete discretion as to when income and principal may be distributed to provide for Katherine Jackson's "care, support, maintenance, comfort and well being." Upon Katherine Jackson's death the balance of her trust is to be divided equally among Prince, Paris and Blanket.6. The children's shares will be held in separate trusts also with John Branca and John McClain serving as Co-Trustees. Until each child reaches 21, distributions are left in the complete discretion of the Co-Trustees. At 21, each child will receive all of the net income from his or her own trust and principal if the Co-Trustees determine that the net income is not sufficient to provide for the child's "reasonable care, support, maintenance and education." Each child will receive 1/3 of the remaining trust principal outright at 30, another 1/2 outright at 35, and the remaining balance outright at 40. In addition, the Co-Trustees are given discretion to accelerate principal distributions if a child is in need of funds to buy a home, start a family, or start a business. This will leave Katherine Jackson, who was named as the children's guardian in August 2009, at the mercy of the Co-Trustees when it comes to asking for funds to support the children.7. If Michael Jackson was not survived by his mother or any children or other descendants (such as grandchildren or great grandchildren), then after the 20% carved out for children's charities the balance was to be divided equally among three of Jackson's cousins - Levon Jackson, Elijah Jackson and Anthony Jackson - and three of his nephews (the children of his brother, Tito) - Taj Jackson, Taryll Jackson and T.J. Jackson. These shares were to be held in separate trusts in the same manner as provided for Jackson's children.8. If Branca, McClain and Siegel were all not available to serve as Trustees, then NationsBank, now known as Bank of America, was named to serve as the successor Trustee. Since Branca and McClain were available to serve and are in fact serving, they have the power to name one or more individuals to serve as their successors, thereby eliminating Bank of America's right to serve as the successor Trustee.
@mindseye:QuoteI'm thinking... that the negative media campaign was started by MJ and family to draw attention to the fake will and executors.Oh my I think you're right.
I'm thinking... that the negative media campaign was started by MJ and family to draw attention to the fake will and executors.
5. Michael Jackson's former wife and mother of Prince Jackson and Paris Jackson, Deborah Jean Rowe Jackson, is intentionally omitted as a beneficiary of the will. Jackson and Rowe were married in November 1996 and divorced in October 1999.
My brain is disturb by Janet taking part in this "3 years after". I really wonder. I don't know what to think.