OG Music Junkiie · @MJCB_Junky
21st Jul 2012 from Twitlonger
via Ethemer Jackson: A Detailed explanation of Michael's will and trust in the event of Katherine's death.
Michael's will and trust specifically state what happens to the money upon Katherine's death, and he did name family members as contingent beneficiaries, but not only his 3 cousins and 3 nephews - NONE of his siblings are to receive anything. Here's how Michael wanted his money distributed upon his death. After 20% goes to charity, and after taxes are paid, the remaining assets and income are split between Katherine and the children - 50% goes to the Children's Trust and 50% goes into the Katherine Jackson Trust. From her trust, Katherine receives distributions, at the executors' discretion, for her care, support, and comfort for the rest of her life. Upon her death, anything in the Katherine Jackson Trust reverts to the Children's Trust. The MJ's Children's Trust is divided equally among his children and distributed to each in installments at ages 21, 30, 35 and 40. He included provisions for early distributions for special circumstances, such as starting a business or buying a home, etc. If any of Michael's children should die, that deceased child's share would go to his/her own children, Michael's grandchildren. If none of Michael's children or grandchildren survive, the assets and income of the MJ's Children's Trust goes to The MJ's Relatives Trust. Here is where he names other family members, his 3 cousins and 3 nephews. They get anything that is left all after Katherine, Prince, Paris, Blanket and any grandchildren die. I'm sure Katherine has her own assets (which surely came from Michael while he was living) that she can distribute in her will any way she wishes.
-Post written by Ethemer Jackson