Court hearing on Michael’s estate and custody of his children

Yesterday, Katherine Jackson, Michael’s mother, Latoya and Rebbie, his sisters, and his brother Randy attended a Los Angeles court hearing. The hearing discussed the custody of Michael’s children and the status of his assets. Under an agreement between the children’s mother, Debbie Rowe, and Katherine—previously announced—the court judge granted Katherine permanent custody of Michael’s children exactly as she had requested in her will. The 12-year-old Prince and the 11-year-old Paris also said they wanted to stay with their grandmother. Judge Mitchell Beckloff was tasked with ruling on the monthly expenses for Michael’s children and Katherine, who would serve as their guardian, and whether Katherine can change the executors of her son’s will. John Branca and John McClain, who had been chosen by Michael to carry out his will, are currently signing several multi-million-dollar contracts. Previously, the judge had authorized the re-release of Michael’s autobiography book “Moonwalk.” Michael left behind several unfinished projects and a treasure trove of unreleased songs. These two attorneys have, so far, liquidated part of Michael’s assets, including $5.5 million in cash and Michael’s life insurance. This money covers the monthly expenses of Michael’s three children and their guardian (Katherine). These four people, according to the will, receive 80% of Michael’s estate. The remaining 20% goes to charitable institutions whose names have not been disclosed. The judge also ordered AEG, the company that had contracted for 50 concerts in London with Michael, to provide Katherine with the terms of that agreement. The judge also ruled that Branca and McClain must remain in their positions at least until October of this year. Source: eMJey / AP