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.
According to the terms of the Jackson Family Trust, the children will receive a monthly allowance until they reach age 30, then they will each be 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.
Word is that 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 which is about $99 million.
Jackson donated the remaining 20% to charity and didn’t include anyone else in his will. Not staff, not Janet, not Papa Joe.