1. We now have a will. Does it finally settle the fate of the children and Jackson’s fortune?
Not yet. Initially, a Los Angeles court granted Michael’s mother, Katherine Jackson, 79, temporary custody of his three children and financial control of his reported $300 million estate. The just-discovered will (See full will details) memorializes his wishes that his mother be the guardian of his children. It does, however, seemingly knock out her request to control her son’s estate by giving control of Jackson’s money and property to his entertainment attorney John Branca and two business associates.
Until the will is OK’d, Mrs. Jackson would still remain in charge of the purse strings. But the issue could turn into a battle if Mrs. Jackson objects. The Los Angeles judge who would consider the filing said he won't touch the matter until July 6. Until then, Mrs. Jackson would maintain control of her son's assets.
Naming Branca and John McClain, a music executive and a family friend, is a prudent decision. That overcomes any concerns that Mrs. Jackson would know how to deal with her son’s diverse and shaky financial empire. In the past, she and her husband, Joe Jackson, filed for Chapter 7 and debts totaling around $24 million, including credit-card problems, court judgments and car loans. Such proceedings would taint her credibility as a financial arbiter.
As for the kids -- for the time being, in Mrs. Jackson’s control -- Jackson’s ex-wife Debbie Rowe has announced that she will challenge the guardianship, claiming she is their mother by birth and therefore entitled. Rowe could also get some help from child welfare authorities and sympathetic judges who might contend that her involvement in the lives her son’s children is in their best interests. (See below.)
But just because Jackson wanted his mother to be their guardian “doesn’t mean she is going to get them on a permanent basis,” said an official with the Los Angeles Department of Child and Family Services. “This is not a slam dunk.”
One reason is that Mrs. Jackson and for than matter anyone who comes into contact with the children as a custodian has to pass a rigorous psychological testing program to determine his or her the fitness to care for the kids.
“DCFS always looks into what is in the best interests of the children and in this case now what Michael Jackson may have wanted,” said Steve Cron, an attorney experienced in family law. “They will look into the safety and the health and the welfare of these kids and who would to the best job. They will look into whether she will provide a safe place for these children and the stability of the children.”
There also remains a possibility that the chaotic Jackson might have signed other wills, especially because the Branca’s will was signed eight years ago. Moreover Branca and Jackson severed their legal relationship and only reunited several months ago.
“Jackson had one of the best lawyers in the business,” said Stacy Phillips, an author and prominent Los Angeles family law attorney.
