MissyinChi wrote:

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I hear Mrs Jackson get everything..with Diana Ross as the back up.....

So the kids and fortune are all SAFE...I heard that he has money in trust for the kids as well....

Good for Mike..Good for him

Michael Jackson's Will Filed in Court, Excludes Ex-Wife Debbie Rowe

Wednesday, July 01, 2009

LOS ANGELES -

The will names singer Diana Ross as a successor guardian to 79-year-old Katherine Jackson if necessary.

The will, dated July 7, 2002, 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."

RAW DATA: Click here to read the Last Will of Michael Joseph Jackson

It also names Jackson's longtime lawyer John Branca and John McClain, a music executive and a family friend, as co-executors of the will.

Jackson, who died Thursday at age 50, left behind three children: son Michael Joseph Jr., known as Prince Michael, 12; daughter Paris Michael Katherine, 11; and son Prince Michael II, 7. Rowe was the mother of the two oldest children; the youngest was born to a surrogate mother, who has never been identified.

The children are named in the will.

In a statement, Branca and McClain said: "The most important element of Michael's will is his unwavering desire that his mother, Katherine, become the legal guardian for his three children. As we work to carry out Michael's instructions to safeguard both the future of his children as well as the remarkable legacy he left us as an artist we ask that all matters involving his estate be handled with the dignity and the respect that Michael and his family deserve."

Katherine Jackson was granted temporary guardianship Monday of Jackson's three children. A judge held off on requests to control the children's estates, and gave her limited control over her son's troubled, but lucrative finances.

Rowe, who was married to Jackson in 1996 and filed for divorce three years later, surrendered her parental rights. An appeals court later found that was done in error, and Rowe and Jackson entered an out-of-court settlement in 2006.

Neither Rowe nor her attorneys have indicated whether she intends to seek custody of the two oldest children.

VI

Except as otherwise provided in this Will or in the Trust referred to in Article III hereof, I have intentionally omitted to provide for my heirs. I have intentionally omitted to provide for my former wife, DEBORAH JEAN ROWE JACKSON.

LAST WILL

OF

MICHAEL JOSEPH JACKSON

I, MICHAEL JOSEPH JACKSON, a resident of the State of California, declare this to be my last Will, and do hereby revoke all former wills and codicils made by me.

I

I declare that I am not married. My marriage to DEBROAH JEAN ROWE JACKSON has been dissolved. I have three children now living, PRINCE MICHAEL JACKSON, JR., PARIS MICHAEL KATHERINE JACKSON and PRINCE MICHAEL JOSEPH JACKSON, 11. I have no other children, living or deceased.

II

It is my intention by this Will to dispose of all property which I am entitled to dispose of by will. I specifically refrain from exercising all powers of appointment that I may possess at the time of my death.

III

I give my entire estate to the Trustee or Trustees then acting under that certain Amended and Restated Declaration of Trust executed on March 22, 2002 by me as Trustee and Trustor which is called the MICHAEL JACKSON FAMILY TRUST, giving effect to my amendments thereto made prior to my death. All such assets shall be held, managed and distributed as a part of said Trust according to its terms and not as a separate testamentary trust.

IV

I direct that all federal estate taxes and state inheritance or succession taxes payable upon or resulting from or by reason of my death (herein "Death Taxes") attributable to property which is part of the trust estate of the MICHAEL JACKSON FAMILY TRUST, including property which passes to said trust from my probate estate shall be paid by the Trustee of said trust in accordance of terms. Death Taxes attributable to property passing outside this Will, other than property constituting the trust estate of the trust mentioned in the preceding sentence, shall be charged against the taker of said property.

V

I appoint JOHN BRANCA, JOHN MCCLAIN and BARRY SIEGEL as co-Executors of this Will. In the event of any of their deaths, resignations, inability, failure or refusal to serve or continue to serve as co-Executor, the other shall serve and no replacement need be named. The co-Executors serving at any time after my death may name one or more replacements to serve in the event that none of the three named individuals is willing or able to serve at any time.

The term "my executors" as used in this Will shall include any duly acting personal representative or representatives of my estate. No individual acting as such need post a bond.

I hereby give my Executors, full power and authority at any time or times to sell, lease, mortgage, pledge, exchange or otherwise dispose of the property, whether real or personal comprising my estate, upon such terms as my Executor shall deem best, to continue any business enterprises, to purchase assets from my estate, to continue in force and pay insurance premiums on any insurance policy, including life insurance, owned by my estate, and for any of the foregoing purposes to make, execute and deliver any and all deeds, contracts, mortgages, bills of sale or other instruments necessary or desirable therefore. In addition, I give my Executors full power to invest and reinvest the estate funds and assets in any kind of property, real, personal or mixed, and every kind of investment, specifically including, but not by way of limitation, corporate obligations of every kind and stocks, preferred or common, and interests in investments trusts and share in investment companies, and any common trust fund administered by any corporate executor hereunder, which men of prudent discretion and intelligence acquire of their own account.

VI

Except as otherwise provided in this Will or in the Trust referred to in Article III hereof, I have intentionally omitted to provide for my heirs. I have intentionally omitted to provide for my former wife, DEBORAH JEAN ROWE JACKSON.

VII

If at the time of my death I own or have an interest in property located outside of the State of California requiring ancillary administration, I appoint my domiciliary Executors as ancillary Executors for such property. I give to said domiciliary Executors the following additional powers, rights and privileges to be exercised in their sole and absolute discretion with reference to such property: to cause such ancillary administration to be commenced, carried on and completed; to determine what assets, if any, are to be sold by the ancillary Executors; to pay directly or to advance funds from the California estate to the ancillary Executors for the payment of all claims, taxes, costs and administration expenses, including compensation of the ancillary Executors and attorneys' fees incurred by reason of the ownership of such property and by such ancillary administration; and upon completion of such ancillary administration, I authorize and direct the ancillary Executors to distribute, transfer and deliver the residue of such property to the domiciliary Executors herein, to be distributed by them under the terms of this Will, it being my intention that my entire estate shall be administered as a unit and that my domiciliary Executors shall supervise and control, so far as permissible by local law, any ancillary administration proceedings deemed necessary in the settlement of my estate.

VIII

If any of my children are minors at the time of my death, I nominate my mother, KATHERINE JACKSON as guardian of the persons and estates of such minor children. If KATHERINE JACKSON fails to survive me, or is unable or unwilling to act as guardian, I nominate DIANA ROSS as guardian of the persons and estates of such minor children.

I subscribe my name to this Will this 7 day of July, 2002

Signed 'Michael Joseph Jackson'

On the date written below, MICHAEL JOSEPH JACKSON, declared to us, the undersigned, that the foregoing instrument consisting of five (5) pages, including the page singed by us as witnesses, was his Will and requested us to act as witnesses to it. He thereupon signed this Will in our presence, all of us being present at the same time. We now, at his request, in his presence and in the presence of each other, subscribe our names as witnesses.

Each of us is now more than eighteen (18) years of age and a competent witness and resides at the address set forth after his name.

Each of us is acquainted with MICHAEL JOSEPH JACKSON. At this time, he is over the age of eighteen (18) years and, to the best of our knowledge, he is of sound mind and is not acting under duress, menace, fraud, misrepresentation or undue influence.

We declare under penalty of purgery that the foregoing is true and correct.

Executed on July 7<sup>th, 2002 at 5:00 p.m., Los Angeles

http://www.foxnews.com/story/0,2933,529734,00.html

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