NEWSKatherine Jackson Will Not Inherit Michael's Money
Oct. 12 2009, Published 1:10 p.m. ET
New details of the King of Pop's estate have emerged. Michael Jackson provided for his mother Katherine Jackson during her lifetime but once she dies, her share of his estate will go to his three children.
TMZ reports that 40 percent of Michael's estate goes to Katherine. His children Prince Michael, 12, Paris, 11, and 9-year-old Blanket inherit 40 percent and the remaining 20 percent will be left to charity.
However, there are conditions attached to the Jackson matriarch's inheritance.
The trustees, John Branca and John McClain decide what money should go to the beneficiaries and Katherine will not get her 40 percent outright. Whatever remains in the 79-year old's trust when she dies goes directly to the children.
Michael, who died aged 50 on June 25, has made sure his mother — who has full custody of his kids — is amply cared for with a healthy allowance of $86,804 per month for the rest of her life, but she won't inherit a lump sum.
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Lawyers for the singer's estate have estimated his total assets exceed $500 million, and that future business agreements bearing Michael Jackson's name could generate millions of dollars.
