Jackson's Last Will -- Diana Ross Mentioned

7/1/2009 1:10 PM PDT

Jackson's Last Will -- Diana Ross Mentioned

Michael Jackson's will has been filed with the court. Jackson asks that his mother, Katherine, be made the guardian of all three of his kids. The will says if Katherine died before him or couldn't serve as guardian, he nominated Diana Ross.

And there's a petition filed along with the will, saying Jackson's estate is worth more than $500,000,000. The petition says almost all of the estate "consists of non-cash, non-liquid assets, including primarily an interest in a catalog of music royalty rights which is currently being administered by Sony/ATV, and interests in various entities."

As we first reported, the will leaves everything to the Michael Jackson Family Trust, stating, "I give my entire estate to the Trustee or Trustees..."

The will has been misinterpreted in reports -- suggesting that Debbie Rowe was intentionally excluded. Jackson has even excluded his own children from getting property under the will. But all that means is that the trust he created will control the distribution of property.

The will declares that Jackson is not married.

The will names John Branca, John McClain and Barry Siegel as co-Executors. Branca was Jackson's lawyer, McClain is a music exec and Siegel was Jackson's accountant. But Siegel resigned from his role as executor in 2003.

Branca and McClain just released the following statement: "The most important element of Michael's will is his unwavering desire that his mother, Katherine, become the legal guardian for his three children."