MJ’s kids can’t access trust funds until they turn 40
London: Michael Jackson’s kids will have to wait until they turn 40 to get full access to the 22-million-pound trust fund which their father left for each of them.
The ‘Thriller’ hitmaker 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, reports the Daily Express.
While the King of Pop died with huge debts and spiralling money woes, the trustees put in charge of his estate have managed to boost the superstar`s fortune to a reported 200 million pounds due to increased interest in the singer.
This means Jackson`s three children are all in line for a 22-million-pound private fortune, but will have to be provided allowances 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 up front, and her portion will be split between Prince, Paris and Blanket when she passes away.
According to the News of the World, the Trust Fund does not include any of the other members of the Jackson clan.