May 31, 2010 09:14:35 GMT
Under the Michael Jackson Family Trust fund, Prince, Paris and Blanket would get 40 percent of their late father's estate but they can get their own hands on the money when they reach 30.
Refusing to have his kids becoming a victim to consumer temptations as he did, Michael Jackson had set up an inheritance for his children, 13-year-old Prince, 12-year-old Paris and 8-year-old Blanket, in which the kids will not have control of their inheritances until they are 30 years old, TMZ reported.
Michael set up the Michael Jackson Family Trust fund in 1995 before he welcomed his kids with dermatologist nurse Debbie Rowe and signed it off in 2002. Under the trust, the kids would get 40% of his estate, while his mother Katherine Jackson, whose share will go to Michael's kids if she dies, gets another 40%. And the final 20% goes to charity.
"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," a family insider said. "In truth those children will never have to want for anything and that's what Michael wished for. And they will be old enough and hopefully wise enough when they get their hands on the money."
Moreover, when Prince, Paris and Blanket reach 30, the trustees put in charge of Michael Jackson's estate must then give them 1/3 of their share outright and another 1/2 of their share outright when they turn 35. And by the time they are 40, the kids will finally have full access.
The trustees have managed to cash in on his death to push his bank balance to a reported $300 million due to increased interest in the singer. The reported amount has put his three kids each worth $33 million. Michael's mother, Katherine, herself is already entitled to $99 million from the legacy, News of the World reported.
Meanwhile, Trust Fund shows that the late King of Pop left nothing to his ex-wives Debbie Rowe and Lisa Marie Presley, his brothers Jermaine Jackson, Jackie Jackson, Tito Jackson, Marlon Jackson and Randy Jackson, his sisters LaToya Jackson, Rebbie Jackson, and Janet Jackson, and his dad Joe Jackson.
Michael Jackson's will in full can be viewed via News of the World.