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30th May 2010, 02:36 PM
Michael Jackson's children receive more than $33m each in singer's will.
By Daily Mail Reporter
Add to My Stories Michael Jackson left his children more than $33million each in his will, it has been revealed.
Prince, 13, Paris, 12 and eight-year-old Blanket will all begin to receive their share of the money from trust funds when they turn 30, according to Jackson's will.
It is also thought the trust funds will increase in value in terms of interest, commercial ventures and an increase in money when Katherine dies - with each of Jackson's three children expected to be worth $300million by the time they are 30.
Michael Jackson's daughter Paris (l) and two sons Prince Michael II (Blanket) and Prince Michael I (r) at the memorial service for their father. They will each receive $33million from Jackson's will
However, it has emerged Jackson left nothing to his brothers, sisters or father before he died last June.
A source said: 'Michael had fallings out with his father and brothers but, being the generous soul he was, it's almost unbelievable he left them with nothing.'
In addition, Jackson left both his ex-wives, Debbie Rowe and Lisa Marie Presley, out of the settlement.
Jackson's 23-page document shows that the singer left 40 per cent of his $300million estate to his children, 40 per cent to his mother Katherine and 20 per cent to charity.
Jackson also left his mother Katherine, who is legal guardian of the singer's three children, $99million
The children will be permitted to fund trustees for cash at the age of 21, but they will not be entitled to free reign on their share until the reach 40.
A source told the News of the World: 'Michael's mother and his children were the dearest thing to him in his life, so he made sure that they would benefit when he died.
'In truth, those children will never have to want for anything - and that's what Michael wished for.'
However, the documents have caused many disagreements in the Jackson family, as many of the singer's siblings are said to have thought they would have received something in Jackson's will.
Many of the family members are also said to be concerned that Jackson's mother Katherine, who is legal guardian of his children, has not yet received her $99million share.
Katherine currently receives a total of $81,000 a month from Jackson's estate to pay for the children's food, school fees, clothes and other expenses, but sources say money has been tight in the household since Jackson died.
Read more: Link to Article (http://www.dailymail.co.uk/tvshowbiz/article-1282637/Michael-Jacksons-children-receive-33m-singers-will.html#ixzz0pS1SWiO3)
EDIT: Changed long link to named link to prevent horizontal scrolling. -Gaillo
By Daily Mail Reporter
Add to My Stories Michael Jackson left his children more than $33million each in his will, it has been revealed.
Prince, 13, Paris, 12 and eight-year-old Blanket will all begin to receive their share of the money from trust funds when they turn 30, according to Jackson's will.
It is also thought the trust funds will increase in value in terms of interest, commercial ventures and an increase in money when Katherine dies - with each of Jackson's three children expected to be worth $300million by the time they are 30.
Michael Jackson's daughter Paris (l) and two sons Prince Michael II (Blanket) and Prince Michael I (r) at the memorial service for their father. They will each receive $33million from Jackson's will
However, it has emerged Jackson left nothing to his brothers, sisters or father before he died last June.
A source said: 'Michael had fallings out with his father and brothers but, being the generous soul he was, it's almost unbelievable he left them with nothing.'
In addition, Jackson left both his ex-wives, Debbie Rowe and Lisa Marie Presley, out of the settlement.
Jackson's 23-page document shows that the singer left 40 per cent of his $300million estate to his children, 40 per cent to his mother Katherine and 20 per cent to charity.
Jackson also left his mother Katherine, who is legal guardian of the singer's three children, $99million
The children will be permitted to fund trustees for cash at the age of 21, but they will not be entitled to free reign on their share until the reach 40.
A source told the News of the World: 'Michael's mother and his children were the dearest thing to him in his life, so he made sure that they would benefit when he died.
'In truth, those children will never have to want for anything - and that's what Michael wished for.'
However, the documents have caused many disagreements in the Jackson family, as many of the singer's siblings are said to have thought they would have received something in Jackson's will.
Many of the family members are also said to be concerned that Jackson's mother Katherine, who is legal guardian of his children, has not yet received her $99million share.
Katherine currently receives a total of $81,000 a month from Jackson's estate to pay for the children's food, school fees, clothes and other expenses, but sources say money has been tight in the household since Jackson died.
Read more: Link to Article (http://www.dailymail.co.uk/tvshowbiz/article-1282637/Michael-Jacksons-children-receive-33m-singers-will.html#ixzz0pS1SWiO3)
EDIT: Changed long link to named link to prevent horizontal scrolling. -Gaillo