JACKSON KIDS WON’T ACCESS TRUST FUND UNTIL 40TH BIRTHDAYS
MICHAEL JACKSON left his children a $33 million (=C2=A322 million) trust fund each - but they won’t be able to gain full control of their fortunes until they are 40 years old.
The Thriller hitmaker set up the Michael Jackson Family Trust fund in 1 995, before he welcomed his three children, Prince, 13, Paris, 12, and ei ght-year-old Blanket.
Jackson signed off the will in 2002 to ensure his children receive 40 p er cent of his estate, while his mother Katherine gets another 40 per cen t and the last 20 per cent is given to charity.
Despite dying with huge debts and spiralling money woes, the trustees p ut in charge of Jackson’s estate have managed to boost the superstar’s fo rtune to a reported $300 million (=C2=A3200 million) due to increased int erest in the singer.
This means Jackson’s three children are all in line for a $33 million ( =C2=A322 million) private fortune, but will have to be provided allowance s from the estate administrators until they are 21.
They will then have to wait until they are 30 to get access to a third of their trust fund, 35 for half, and will finally have full access at 40 years old.
The children’s guarantor and grandmother Katherine will get her share u p front, and her portion will be split between Prince, Paris and Blanket when she passes away.
The Trust Fund does not include any of the other members of the Jackson clan, according to Britain’s News of the World.
Movie & Entertainment News provided by World Entertainment News Network (www.wenn.com)
