Michael Jackson, the King of Pop, was one of the most successful and influential musicians of all time. With record-breaking album sales, 13 Grammy awards, and iconic songs like “Beat It”, “Billie Jean”, and “Thriller”, Jackson’s legacy lives on even after his untimely death in 2009 at age 50.
When hugely successful celebrities like Jackson pass away unexpectedly, questions naturally arise about what will happen to their massive wealth and assets. So did Michael Jackson have a will in place when he died?
The Answer
Yes, Michael Jackson did have a will. According to court documents, Jackson had an estimated net worth of $500 million at the time of his death, and his will outlined exactly how he wanted that fortune to be managed and distributed.
Jackson signed his last will and testament in 2002. The detailed document, which was amended several times before his death, placed all of his assets into a trust called the Michael Jackson Family Trust. The main beneficiaries named in the will were his mother Katherine Jackson, his three children, and several children’s charities.
Details of Michael Jackson’s Will
Jackson’s 2002 will established the Michael Jackson Family Trust to hold his assets and property. It directed those assets to be divided between beneficiaries upon his passing. The key beneficiaries named were:
- Katherine Jackson – Jackson’s mother was placed in charge of the trust. A portion of the trust assets were designated for her care and well-being.
- Jackson’s three children – Paris, Prince, and Blanket (also known as Bigi) were beneficiaries who would inherit Jackson’s assets.
- Children’s charities – Jackson earmarked a portion of his estate to go to children’s charities around the world.
In addition to these main beneficiaries, the will also provided money for other members of Jackson’s family and named custodians for his children should Katherine Jackson pass before they came of age.
The Estate Executors
Along with outlining beneficiaries, Jackson’s will named two long-time associates as executors of his estate following his death:
- John Branca – An entertainment lawyer who had worked with Michael Jackson for over 20 years.
- John McClain – A music executive who had helped produce some of Jackson’s later albums.
Branca and McClain were given broad powers over Jackson’s estate, including the authority to terminate any deals or contracts Jackson had in place at the time of his death. The will specified that the executors should be compensated for their services.
The Trust for Jackson’s Children
One of the key components of Jackson’s will was establishing a long-term trust to provide for his three young children. Nearly one-third of Jackson’s fortune was set aside in trust for his kids.
The trust gave Katherine Jackson custody of the children and control over distributions from the trust for their “health, education, maintenance, and support”. It stipulated the children would receive a percentage of the trust assets at certain ages – 20% at age 30, 30% at age 35, and the remainder at age 40.
Later Changes to the Will
Although Jackson signed his initial will in 2002, he amended it and signed updated versions several times before his 2009 death. Some notable changes included:
- Giving 20% of his estate to children’s charities, up from the 10% in the original version.
- Removing his former wife Debbie Rowe as an alternate guardian for his children.
- Leaving nothing to Rowe, who had briefly been named as a trust beneficiary in earlier versions.
- Adding his mother’s nephew Arnold Klein as a trustee advisor for his children’s trust.
The provisions for his mother, his children, and the executors of his estate remained largely unchanged in the subsequent amendments. The final signed version of Jackson’s will was executed in Los Angeles on March 22, 2002.
The Will Challenges
Despite the meticulous details in Jackson’s will and trust, his estate did not immediately transfer to the beneficiaries. In the months after his death, a number of legal challenges arose disputing the validity of the will:
- Katherine Jackson – Jackson’s mother initially challenged the executors named in the will, questioning whether the 2002 document was legitimate. The dispute was quickly resolved with Katherine resuming her authority over the estate.
- Joe Jackson – Jackson’s father also filed a challenge against the naming of the executors. He sought control over Michael’s estate but was ultimately unsuccessful.
- Unidentified beneficiary – An unnamed beneficiary of Jackson’s trust filed a petition claiming they had not received distributions. The judge ruled against them.
The most serious challenges came from Jackson’s former partners:
- Paul Gongaware and Leonard Rowe – These two producers filed a claim alleging Jackson had left them each a 15% stake in his estate. The case was thrown out of court.
- AllGood Entertainment – This company claimed Jackson had agreed to a family concert deal worth $40 million. Their case was dismissed due to lack of evidence.
Within about a year after Jackson’s death, all of the major challenges against his will had been defeated. The will stood as valid and Jackson’s trustees began distributing his estate according to his final wishes.
Settlements Changed Plans
Although Jackson’s will withstood the legal disputes, settlements and deals reached by the estate trustees did alter some provisions:
- Katherine Jackson – A settlement gave Katherine a larger allowance and use of Jackson’s homes.
- Debbie Rowe – Rowe reached a $4 million settlement and agreement with Katherine Jackson for visitation rights.
- Sony Music – Sony paid the estate $250 million in 2014 for the rights to distribute unreleased Michael Jackson recordings.
- New Horizon Trust II – This company invested $700 million into the estate and will own half of Jackson’s music assets until at least 2032.
These and other deals gave the trustees more assets to manage than what Jackson alone had left behind. The settlements also altered the distributions compared to what Jackson had outlined in his 2002 will.
Current Status of Jackson’s Estate
More than a decade after Michael Jackson’s death, his estate continues to earn huge sums through savvy management by the trustees and ongoing sales of his music. Some key facts about the current status of Jackson’s estate:
- Worth over $2 billion according to Forbes – more than triple its end-of-2009 value
- Earned over $1.7 billion since his death according to Billboard
- Pays out annually:
- $100 million in distributions to beneficiaries
- $30 – $50 million in taxes
- $20 – 30 million in management fees
- Owns 50% of Sony/ATV Music Publishing including rights to songs by the Beatles, Bob Dylan, Taylor Swift and others
The trustees continue to release new Michael Jackson material, produce shows, and strike new deals to grow the value of the estate. The estate had a net worth of just over $2 billion in 2016 according to Forbes.
Final Distributions Still To Come
Although Jackson’s estate has already been distributing money to his mother and children for years, his three kids have yet to receive their full inheritance:
- Paris Jackson – age 25 in 2023, received 20% of her inheritance at age 30
- Prince Jackson – age 26 in 2023, will receive 20% at age 30 in 2027
- Bigi Jackson – age 21 in 2023, will get 20% at age 30 in 2029
The trustees have not publicly commented on the expected future lifetime value of those remaining distributions. However, with the huge growth of Jackson’s estate in the past decade, the final inheritances will likely be larger than what Jackson originally left his children in 2002.
Conclusion
Michael Jackson certainly died with a valid will and testament in place, even if it failed to avoid challenges from disgruntled partners and family members. Jackson clearly outlined his wishes to provide for his mother and children, naming trusted executors to manage his vast financial holdings and creative works.
While legal settlements and business deals have altered some of the specific provisions, Jackson’s trustees have admirably executed his wishes and grown his estate substantially over the past 13+ years since his shocking death. When Jackson’s three children finally receive their full inheritances in the coming years, those final gifts from their father will likely be larger than he ever imagined when creating his will in 2002.