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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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91.

Missy    

Ginger,learn some facts,they were not sprayed nor had their dyed,most biracial children get darker as they get older.Now unless I misunderstood something I thought when the children turn 18 or 21 they can then choose who they want to handle their trust,but they still can't touch it until 30.

1571 days ago
92.

Cathy    

It's so simple, why would he leave his money to his siblings, they're grown ups. It's exactly what makes sense, he took care of those he felt he needed to.
Posted at 11:31 AM on May 30, 2010 by jenny
*************************************************
Of course Jenny, I agree. I don't get all this sensationalism -- oooooh, Michael cut his family out of the will, etc. WTH? My mother's sister died a year ago. She didn't mention my mother in her will and left the remains of her estate to her grown children. What is so weird about that? Does it mean she didn't love my mother? Of course not! People seem to love to perpetuate that Michael hated his family. IMO, NOT TRUE. I think he loved all of them very much. Of course they had problems over the years, infighting, hurt feelings, etc. That happens with EVERY large family and it was multiplied 10 fold here because of the money and fame. All this does not mean Michael did not care about his brothers and sisters or that they didn't care about him.



Michael cut Joe out of the will. Yeah, ok. Michael did what made sense given Joe's penchant for mismanaging money, that's all there is to it. You can hear Michael's own voice on the Glenda tapes explaining his thought process on this too. He said he gives the money to Katherine and then lets her give it to Joe. Otherwise Joe will squander it. That's what he did in the will too. Clearly. Did Michael hate Joe and leave him out of the will because Joe beat him with a belt 40 years ago? I very much doubt it.

1571 days ago
93.

panthergirl89    

This is what I have for my kids. They have income from 18 to 22 and then 5 years no income. By the time they get all their money I hope they know how to budget and know the value of a dollar.

1571 days ago
95.

J    

Doesn't Murray have a preliminary hearing June 14or15 in LA about MJs death?

1571 days ago
96.

mjfanalways    

LOVE AND MISS YOU MICHAEL ALOT.WE'LL NEVER FORGET YOU ANGEL.LOVE AND HUGS MICHAEL.

1571 days ago
97.

Siggisis    

Exactly!!! They weren´t spray tanned, sheesh, the BS people will make up to make Michael and his family look bad!



Someone said here that the kids were blondish. None of them are blond. Never have been. Prince´s hair was dyed blond (why I don´t know, but it is a fact) when he was a young child, but in reality he had almost black hair as an infant.



I don´t get that people can´t see that Blanket is virtually a copy of Michael - apart from the hair. Same gorgeous eyes exactly.
I think that all three kids are Michael´s.
People tend to think that the black genes are dominant, but I have seen so many times that the "black" actually disappears very quickly.

1571 days ago
98.

jenny    

Michael cut Joe out of the will. Yeah, ok. Michael did what made sense given Joe's penchant for mismanaging money, that's all there is to it. You can hear Michael's own voice on the Glenda tapes explaining his thought process on this too. He said he gives the money to Katherine and then lets her give it to Joe. Otherwise Joe will squander it. That's what he did in the will too. Clearly. Did Michael hate Joe and leave him out of the will because Joe beat him with a belt 40 years ago? I very much doubt it.



Posted at 11:42 AM on May 30, 2010 by Cathy



Well, I don't pretend to know anything about MJ and his family, nor do I ever speak about their relationship(s). I find it offensive, intrusive and rude. I haven't a clue as to what he did or didn't feel about them, it's not my business and I've never met the man. So, I don't know.



However, I made a comment about this because it is fact, the will and trust, I had the same thing set up for me, a trust fund and it was the best. And no I certainly didn't sit around waiting for the money, I knew it was there, had an allowance (college paid, etc..) but also worked hard at my own endeavors. That's all I was saying.

1571 days ago
99.

Daphne     

2. I hope there's a way in the trust for them to go to college. If there not getting any money at 21 they might not be able to go to college without the money. You never know they might actually grow up like most normal kids and want to go to college to become something. Which takes at least 4 years, more if you go for your master's etc.



Posted at 7:40 AM on May 30, 2010 by Liz



As of now, they are getting quite an "allowance" which should be enough to pay for college under normal cir***stances. We have far less & our son is going to university. Unless they want to live a lavish lifestyle, this is another story. For them to learn about the challenges in life, they should work in the summer like a lot of kids nowadays, earn their own money & appreciate the value of money. Besides, the trustees (Taj jackson is one of them I heard), will ensure that they would get enough $$$ to go to university. I don't think the trustees want to wish them harm & create obstacles for them. The whole world is watching & there's still a lot of interests on MJ3 from the fans. They will do fine. Just saying.

1571 days ago
100.

CloBird    

This is actually a good idea;the same was done for Lisa Marie Presley and other wealthy scions;it's not a new idea at all.
It's good to read that Michael was aware of the pitfalls of wealth;he wanted to protect his children's inheritance and probably make them aware of how to be financially .

1571 days ago
101.

Daphne     

However, I made a comment about this because it is fact, the will and trust, I had the same thing set up for me, a trust fund and it was the best. And no I certainly didn't sit around waiting for the money, I knew it was there, had an allowance (college paid, etc..) but also worked hard at my own endeavors. That's all I was saying.



Posted at 12:00 PM on May 30, 2010 by jenny



You were doing the right thing. I want my son to do the same thing, make his own life. Along the way, of course, I won't mind helping him financially. But young people need to work & earn their own money. Our kid works since high school, every summer.

1571 days ago
102.

Cheryl    

TMZ the caption you wrote is wrong. You said MJ did not trust his kids. This is the typical way a trust is written. Children are not given the bulk of their estate at 18 or 21. That would be foolishness.



This trust is perfect. Stop saying negative things about Michael's ability to act in the best interest of his kids.

1571 days ago
103.

Sammie    

That was the smartest thing that man ever did. It ensures, as much as he could anyway, that his children will be taken care of well into their lives. What a good dad. Awesome! And I'm not even a fan.



And Dear #13: Good grief! It's thinking like yours that is horribly degrading to anyone without a college degree like we can't think of anything but humping like bunnies and drinking beer. I've had quite a happy life not being a college graduate and don't have a racist bone in my body. Yup. I'm white and my sister-in-law(s) are black as well as most of my neices and nephews. Who cares? But, according to you...Ewww! What a pathetic uneducated racist I am. (Ask the kids who call me Auntie, you over-educated, self-bloated idiot - and that's not the beer talking.)

1571 days ago
104.

me@home    

Great idea, this may help these kids get involved with thier own lives when they relize they will have to go to school and work like the rest of the world although they will forever be different from others due to our obsessions with famous people. I agree with the comment of the "first divorce", again cultural, not the fault of these childern. As for "mixing", are you stupid? kids have no choice of who thier perents are, perhaps you should spend less time on TMZ and more time protesting in front of fertility clinics if that means so much to you! Please dont even get me started on Miss Lohan!

1571 days ago
105.

gant77    

Those are some smart laywers. All the money that they don't get right away, will accrue interest and double or even triple in value and when they are of age they will be able to SMARTLY spend and invest.
I myself received almost 100k in a trust fund when i turned 18, after only 3 months I had LESS than 30k left.I tried to get my dad to take it over until I was 30 but he said no, and now, at 32, am in debt and cannot save money for anything. Those kid's don't need full access to all that money at a young age.

1571 days ago
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