LOS ANGELES, Calif. – The estate of late pop star Michael Jackson is making sure his children will be well taken care of, while at the same time financially responsible with the money left to them.
TMZ were able to access a copy of the trust left for Jackson’s three children, which lays out exactly how the money will be given out.
Shortly after his death, the media learned that 40 percent of his estate would go to his kids, another 40 to his mother Katherine (until her death, when it will also go to the kids), and the remaining 20 is to go to charity.
What TMZ recently discovered is that the kids will only get an allowance – determined by the trustee – until the age of 30. At that point, they will only have access to a third of the trust, but inherit half of it when they hit 35, and get the remainder of the money at 40.
The amount will grow by a certain amount per month, as executors make business ventures including concerts, movies and song releases.