JULY 1--A will signed in 2002 by Michael Jackson stipulates that his assets be placed in a family trust and that his mother be appointed the guardian of his three offspring. The will, a copy of which you'll find below, lists three executors, including lawyer John Branca and music industry executive John McClain. The will makes no provision for bequests to Jackson's father or any of his eight siblings, and a court filing indicates that beneficiaries of the Michael Jackson Family Trust are limited to his children and mother Katherine. Six other relatives, including his brother Tito's three sons, are named as "contingent remainder beneficiaries" who would share the estate in the event that Jackson's principal beneficiaries died before he did. Branca and McClain believe that the value of Jackson's estate "exceeds $500 million" and consists of "non-cash, non-liquid assets," including Jackson's share of lucrative music royalty rights. In the case that Jackson's mother were to predecease him (or was unable or unwilling to serve as guardian), Jackson stipulated that singer Diana Ross should be appointed guardian of his minor children. The "Last Will of Michael Joseph Jackson" was executed in Los Angeles on July 7, 2002, about four months after the birth of the performer's youngest child.
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This article is taken from The Smoking Gun.com and the specific URL is http://www.thesmokinggun.com/archive/years/2009/0701091mjwill1.html.