Michael Jackson’s mother, Katherine Jackson, will not inherit the late King of Pop’s money
Ever since Michael Jackson passed away, his money has been a hot topic, especially with regards to who would inherit the estate.
Katherine Jackson Will Not Inherit Michael Jackson’s Money
Although Michael Jackson made sure that his mother Katherine Jackson is provided for during her lifetime, once she dies, her share of Michael Jackson’s estate with go to his kids: 12-year-old Prince Michael, 11-year-old Paris, and 9-year-old Blanket.
TMZ reports that 40 percent of Michael Jackson’s estate goes to Katherine Jackson. Michael Jackson’s kids 12-year-old Prince Michael, 11-year-old Paris, and 9-year-old Blanket inherit 40 percent and the remaining 20 percent will be left to charity.
Michael Jackson Created Conditions Attached to Katherine Jackson’s Inheritance
Although Katherine Jackson will inherit 40 percent of Michael Jackson’s estate, the King of Pop created certain conditions.
Michael Jackson’s estate trustees, John Branca and John McClain, have the final say with regards to what money should go to the beneficiaries, and Katherine Jackson will not get her 40 percent outright. Furthermore, whatever remains in the 79-year-old’s trust when she dies goes directly to the children.
Michael Jackson, who died aged 50 on June 25, has made sure his mother Katherine Jackson, who possesses full custody of Michael Jackson’s kids, is well taken care of with a healthy allowance of $86,804 per month for the rest of her life. However, Katherine Jackson will not inherit a lump sum.
What Is Michael Jackson’s Estate Worth?
Michael Jackson’s lawyers have estimated that his total assets as exceeding $500 million, and that future business agreements bearing Michael Jackson’s name could generate millions of dollars.
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