Michael Jackson's Final Will Released, Diana Ross Might Get Kids

July 1, 2009

Michael Jackson's will has officially been filed with the court, and it names his mother Katherine as the guardian for his three children. If she cannot serve as the guardian, it nominates Diana Ross for the job. What?!

The relevant portion of the will reads as follows:

If any of my children are minors at the time of my death, I nominate my mother, Katherine Jackson as guardian of the persons and estates of such minor children. If Katherine Jackson fails to survive me, or is unable or unwilling to act as guardian, I nominate Diana Ross as guardian of the persons and estates of such minor children.

TMZ is reporting that the will, filed in court today, leaves everything to the Michael Jackson Family Trust and appoints John Branca, John McClain, and Barry Siegel as co-Executors. Attorney John Branca filed the will, John McClain is a music executive, and Siegel is a former accountant of Jackson's.

In the will, Michael states: "I give my entire estate to the Trustee or Trustees..."

In a petition filed with the will, Michael also states that his estate is worth more than $500 million and "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."

That is a lot of dollar bills.

Source: Julian Wasser/Getty Images