AdBrite

Your Ad Here

AdBrite

Your Ad Here

Wednesday, July 1, 2009

Document could settle King of Pop’s estate

LOS ANGELES — Michael Jackson’s will gives custody of his children to the singer’s mother and leaves all of his assets in a trust fund, a person with knowledge of the document told The Associated Press on Tuesday.

The word came just a day after the family said in court documents it believed the entertainer had died without a valid will.

The will was created in July 2002 and named as executors Jackson’s longtime lawyer John Branca and John McClain, a music executive and a family friend, said the person, who spoke on condition of anonymity because he was not authorized to speak on the topic.

That designation complicates a petition by Jackson’s mother, Katherine, to become the administrator of his lucrative, but debt-encumbered estate.

In documents filed in Superior Court on Monday, Jackson’s parents say they believe their 50-year-old son died "intestate,” or without a valid will.

Judge Mitchell Beckloff granted Katherine Jackson, 79, temporary guardianship of the children.

He also gave her control over some of her son’s personal property.

Experts said the personal bankruptcy of Jackson’s parents in 1999 could work against Katherine taking control of the estate.

Court documents show Katherine and Joe Jackson filed for Chapter 7 and listed nearly $24 million in debts.


by the associated press

No comments:

Post a Comment