Tuesday, 30 June 2009

Jackson will divide estate among mother, children: Report

A 2002 will by Michael Jackson divides his estate between his mother, three children and one or more charities, the Wall Street Journal reported on Tuesday.

But his father, Joseph Jackson, apparently does not feature, said the story.

A lawyer for Jackson could submit the will, which was believed to be his last, to Los Angeles Superior Court as soon as Thursday, said the Journal.

It names lawyer John Branca and a music executive John Mclain, a friend of Jackson, as executors, according to the Journal.

Branca, who worked for Jackson from 1980 to 2006 and was rehired by Jackson a week before his death on Thursday, wrote the will in 2002, according to the newspaper account.

The singer's parents have not seen the will, their lawyer said in an emailed statement to the Journal.

The report said Joseph Jackson, with whom the singer reportedly had a troubled relationship, was not believed to be included in the will.

It was not known what custody provisions the 2002 will sets out for Jackson's three children. A Los Angeles court on Tuesday gave the singer's mother temporary custody of the children until a hearing in July.

The size and complexity of Jackson's assets and debts is expected to pose a challenge in unwinding his estate, the Journal said, estimating his debt at 500 million dollars.

His assets, which include a 50 percent stake in Sony/ATV Music Publishing, could exceed his debts by as much as 200 million dollars, it said.