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Michael Jackson's Trust Lacks Trust in Kids

5/30/2010 11:26 AM PDT BY TMZ STAFF

Michael Jackson apparently learned a lesson in finances -- his kids should not fall victim to consumer temptations that caused Michael himself to teeter on the brink of bankruptcy -- this, according to the details of the strings he attached to his children's inheritance.


News of the World got a copy of the Michael Jackson trust. TMZ broke the story ... under the trust the kids would get 40% of Michael's estate, Kartherine Jackson would get the use of 40% during her lifetime (when she dies the remainder of her share goes to the kids) and the final 20% goes to charity.

Here's what's interesting ... that we didn't know until now.  Under the trust, Prince, Paris and Blanket  have no control of the money until they are 30 years old ... until they turn 30 they just get income -- almost like an allowance -- determined solely by the trustee.  When each of the kids turns 30, the trustees must then give them 1/3 of their share outright.  When the kids reach 35, they get 1/2 of their share outright.  

At age 40, the kids then get what remains of their share -- outright. 

We've already published the will -- different from the trust.  The will refers to the trust but the trust document has not been public until now.

As for how much the kids will get, that amount grows every month, as executors John Branca and John McClain wheel and deal in business ventures that include concerts, movies and song releases.

565 COMMENTS

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31.

azlee    

This is good, if they want to college they petition the executors prior to the entrance (like in their high school years) and tell them and they will make arrangements. Money is being done now and I am sure they would work with them. Some trusts are setup with exceptions like this I understand.



The grownups can't spounge off them either with guilt or something....

1516 days ago
32.

jeff    

Almost exactly what I did for my kids, very standard

1516 days ago
33.

RebelHellgirl666    

Does Prince also suffer from vertigo like MJ. Or did he burn his right hand. On this foto he has white and dark spots on his fingers check it out.

1516 days ago
34.

Cathy    

Michael knew what he was doing. The kids will never want for anything - they'll be able to go to college or not - do anything they want. That well will never run dry. Hopefully they will be wise about their life choices. But massive amounts of money corrupt and destroy people, especially if they are young, as Michael knew too well.



Michael himself was making thousands of dollars at age 10 and 12 and 14, but Joe only gave him about $7 a week (which Michael used to buy candy) and put the rest away. This was a good decision by Joe, which Michael acknowledged many times.



I do worry about the kids. Michael worked hard for every dime he ever made. If nothing else, he appreciated what it took (many years of blood, sweat, and tears) to have access to all that money. He had a memory of what it was like to live in a tiny house and stand in line behind 10 other people to use the toilet or take a bath. The kids will have no memories such as this. It must be hard to simply inherit all of that money and priviledge and never have to do anything for it - except live for 30 years. I do hope and pray that the Jackson family teaches the children the value of work and of making your way and doing something productive in life.

1516 days ago
35.

Truth    

STILL A GREAT DEAL NO MATTER HOW YOU CUT IT! THEY AINT STARVING LET'S PUT IT THAT WAY...

1516 days ago
36.

Alice(from Romania)    

1516 days ago
37.

Mindy    

Michael was absolutely correct in setting up the trust this way. With the family's penchant for living large, the kids could very well fall into that same dark hole, and end up with nothing. With the money safely in the trust, the executor can never touch it-only the principle.

1516 days ago
38.

el el    

la toya dis quil vont très bien la filles fais de la dance et de la music de piano prier pour qu'ils sont heureux repondais moi en français s.v.p

1516 days ago
39.

jd    

wow. slow news day :-/

1516 days ago
40.

Durelle    

Michael handled this perfectly. Grandma will be dead before the kids go to college, so there will be plenty of money for college and their expenses. Plus they'll have their allowance. Bravo Michael!!!!!

1516 days ago
41.

TDCAU    

FAKE

1516 days ago
42.

bobo    

Michael, you are great!

1516 days ago
43.

Mo    

Can someone please delete the racist and pedophile comments..? I would very much appreciate that.



Thank you!

1516 days ago
44.

Anita    

I loved his idea of this.. then the kids learn responsibility and learn to take care of them selves if it was given to them at a young age they would end up like all these drug/alchol addicted freaks..

1516 days ago
45.

MJhugefan    

MJ was so smart as always.

1516 days ago
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