Report: Michael Jackson’s 2002 Will Leaves Estate To Mother, Children & Charity

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Michael Jackson waves to fans as he exits the courthouse after his child molestation trial at the Santa Barbara County Courthouse in Santa Maria on June 3, 2005
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Flanked by security, Michael Jackson greets fans with sisters La Toya, Janet and his brother Tito outside the Santa Maria courthouse in Santa Maria, California on August 16, 2004
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Katherine Jackson exits the courtroom at the Santa Barbara County Courthouse for a break during day 19 of Michael Jackson’s child molestation trial in Santa Maria, California on March 24, 2005
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Joe Jackson with son Michael and wife Katherine in 2005

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FIRST PUBLISHED: June 30, 2009 10:40 AM EDT
LAST UPDATED: June 30, 2009 5:30 PM EDT

LOS ANGELES, Calif. --

Michael Jackson’s will, reportedly drafted in 2002, is said to divide his assets between his mother, three children and one or more charities.

According to The Wall Street Journal, several sources close with the pop star said a lawyer for Jackson could submit the will – which is thought to be his last – to Los Angeles Superior Court on Thursday.

The star’s mother, Katherine Jackson, who was granted temporary guardianship of Jackson’s three children on Monday, along with husband Joe Jackson, initially said they believed their son died without a valid will.

“No will has been presented to family or us,” L. Londell McMillan, a lawyer for Jackson’s parents who also once represented the singer, said in an e-mail to the paper. “We will review any will when we see it.”

Later on Tuesday, McMillan told the Associated Press the Jackson family was now aware of a will that would soon be presented in court. He also noted that Jackson’s advisers were currently looking for additional documents.

Joe Jackson – who has been very vocal since his son’s passing – has reportedly been left out of the 2002 will.

It is not known if the 2002 will included instructions on custody of Jackson’s three children — Prince Michael, 12, Paris, 11 and Prince Michael II, 7.

The will reportedly names lawyer John Branca and music executive John McClain as executors. Branca was Jackson’s primary lawyer from 1980 to 2006, and claims he wrote the 2002 will. Before his sudden death last week, the Branca claims the singer rehired him.

The King of Pop is said to have amassed approximately $500 million in debt, but that his assets could reportedly outweigh that by more than $200 million.

The most valuable part of the Jackson estate could be the singer’s 50 percent stake in the Sony/ATV Music Publishing catalog, which the singer owned half of. The massive 750,000-song music catalog includes the work of the Beatles, Bob Dylan, Neil Diamond, Lady Gaga and the Jonas Brothers. The catalog is reportedly estimated to be worth upwards of $2 billion.

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