It seems like yesterday when I first heard the news that Michael Jackson is dead. It still makes me sad, and sometimes even makes me cry especially when I'm hormonal. I still can't believe he's gone... But I'm happy to report that the will and trust he left his three adorable children -- Prince, Paris and Blanket -- seems very reasonable since he's always been the protective father to his kids when he was still alive.
Michael Jackson definitely learned his lesson when it comes to finances and even from beyond, he wants to teach his kids not to become victims of consumerism which caused Michael Jackson to topple in the brink of bankruptcy.
The trust states that his kids will get 40% of his estate while Katherine Jackson will get to use the other 40% during her lifetime. When she dies, the kids will get her share. The remaining 20% will go to charity.
The most interesting part of the trust is this: Until the kids turn 30, that's the only time they can get some semblance of control over their money. Until then, they will only get an income, like an allowance, which is determined soley by the trustee. When Paris, Prince and Blanket each turns 30, the trustees would have to give them 1/3 of their share outright. When they reach 35, they get 1/2 of their share outright. When they turn 40, they will get the remainder of their share outright.
Lucky kids, huh?
As for Michael, we love you and we miss you. Rest in peace, MJ!
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