Michael Jackson left his children a $33 million trust fund each - but they won't be able to gain full control of their fortunes until they are 40 years old.
MJ set up the Michael Jackson Family Trust fund in 1995, before he welcomed his three children, Prince, 13, Paris, 12, and eight-year-old Blanket. Jackson signed off the will in 2002 to ensure his children receive 40 per cent of his estate, while his mother Katherine gets another 40 per cent and the last 20 per cent is given to charity.
Under the trust the kids would get 40% each as stated above of Michael's estate, Kartherine Jackson would get the use of 40% during her lifetime (when she dies the remainder of her share goes to the kids) and the final 20% goes to charity.
Here's what's interesting ... that we didn't know until now. Under the trust, Prince, Paris and Blanket have no control of the money until they are 30 years old ... until they turn 30 they just get income -- almost like an allowance -- determined solely by the trustee. When each of the kids turns 30, the trustees must then give them 1/3 of their share outright. When the kids reach 35, they get 1/2 of their share outright.
At age 40, the kids then get what remains of their share -- outright.
MJ set up the Michael Jackson Family Trust fund in 1995, before he welcomed his three children, Prince, 13, Paris, 12, and eight-year-old Blanket. Jackson signed off the will in 2002 to ensure his children receive 40 per cent of his estate, while his mother Katherine gets another 40 per cent and the last 20 per cent is given to charity.
Under the trust the kids would get 40% each as stated above of Michael's estate, Kartherine Jackson would get the use of 40% during her lifetime (when she dies the remainder of her share goes to the kids) and the final 20% goes to charity.
Here's what's interesting ... that we didn't know until now. Under the trust, Prince, Paris and Blanket have no control of the money until they are 30 years old ... until they turn 30 they just get income -- almost like an allowance -- determined solely by the trustee. When each of the kids turns 30, the trustees must then give them 1/3 of their share outright. When the kids reach 35, they get 1/2 of their share outright.
At age 40, the kids then get what remains of their share -- outright.
