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When Michael Jackson died last June, he was survived by three children -- Prince, 13, Paris, 12, and Blanket, 8 -- and an estate worth $300 million dollars. Now details of Jackson's will have been leaked to the press, revealing that his children were awarded 40% of his estate: $33 million each.
But don't expect the Jackson kids to be partying with Miley Cyrus just yet. According to the terms of the Jackson Family Trust, the children will receive a monthly allowance until they reach age 30, at which point each is entitled to a third of his or her share. The remaining portions of the trust fund will be given to them at ages 35 and 40. And, here's the catch: by the time the children reach that age, the inheritance will be substantially bigger. Not only will the existing funds gather interest, but when Michael's 80-year-old mother Katherine dies, the children -- who are under her care -- will inherit her share (around $99 million).
Perhaps surprisingly, Jackson donated the remaining 20% to charity and didn't include anyone else in his will. Those who will inherit nothing include his ex-wife Debbie Rowe (the mother of his oldest children), his famous siblings, his extensive staff, his friends, and the children's secondary guardian Diana Ross. It does seem like the omission of his father Joe was deliberate; it may be the only revenge that Michael was ever able to take on his abusive, fame-hungry dad. But the children, his #1 priority, will be well cared for. And just as Michael took pains in life to maintain their privacy, he's taken pains in his will to be sure they're not overwhelmed by money at an early age, as he was. Even in death, Michael Jackson is assuring that the tragedy of his childhood isn't revisited on the next generation of Jacksons.
Plus:
- Do Michael Jackson's Kids Finally Have a Normal Life?
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