The Battle Over Jackson's Will

Money, Trusts And Custody Lie at Center of Dispute

(CBS)  The battle over Michael Jackson's estate was supposed to get under way Monday, but his family now wants to delay the hearing so they can take a closer look at his affairs and also to see if other wills surface.

Attorney Jack Ford, anchor of "Courtside" on the In Session channel, joined "Early Show" co-anchor Harry Smith Monday to discuss the issue.

"There is a will, one that we know of. This is the one that basically says, I want my mom to take care of the kids, and I want the money to go in trusts, right? Let's talk about the money going into trust because the family has already said we're not so sure we want to go that route," Smith remarked.

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"You're starting to see tensions developing here. We know immediately, a couple days after the death, Michael Jackson's mother said, 'Look, we don't know about wills or anything, so appoint me. Somebody has to have a handle on what's going on there.' And then the will shows up, and the will says, you know what, you've got some roles here, but there are two other people who are the executors. It's executors whose job it is to say, we're going to marshal all the assets. We'll find out what's out there. We'll make sure, if people are making money off of his likeness right now after his death, we'll get the appropriate piece for the estate. Right now that's where you have the conflict," Ford explained.

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The executors are plugged into the music industry and want to get and get control of the situation as soon as possible.

"And they're also apparently the co-trustees of that trust where all of that money, however much it is - because they've said, at this point, we don't know what's out there. It's estimated maybe $500 million. They've got to start handling that also," Ford said.

"What about the idea of these kids? Because wasn't there an original agreement where Debbie Rowe said, okay, you have the kids. And could it be in dispute? Do we know for sure whether or not she actually did anything except carry the children?" Smith asked.

"That's the interesting question. Everybody said she is the biological mother. She had negotiated away her rights. If Michael Jackson was still alive, that wouldn't be a question. Once he dies, now a biological parent can say, 'I want back into the picture,'" Ford explained. "If she's the biological parent. And just because you're the biological parent, ordinarily you get an advantage. You get a leg up if you're the biological parent and the other parent dies. Here she hasn't been anywhere near these children, apparently. The grandmother, Katherine, has, and she says, we want to be the guardians and take care. The court's going to have to wrestle with that. What do we have here? On one side, Debbie Rowe, biological parent but no contact. Grandmother, a lot of contact but older."

"What's in the best interests of the child? Those are the magic words. What's in the best interests of children?" Ford added.

[dragyn30]

This does not surprise me as soon as that loud-mouth jerk Al Sharpton stepped up and started running his fat mouth about what the family wants - it became very clear that he had a few thought$$$ of his own.

This whole things is just disgusting! They could not be there to intervene to get him help (this is one thing I commend Britney Spears' father for - he saved her life!) which may have prevented his untimely death, but then the courts would have something to more to go on rather than Momma saying that she'll take over!

Like I said before had she been there trying to help him before he destroyed himself, she may have gotten some support, but because sheand the "family" swooped in like a pack of vultures five minutes after he died, with Sharpton flying with them bagging for scraps she does not stand a chance.

I hope the law prevails for the sake of the children and they have some money left for their futures.

[6591Hou]

If the will is legitimate then Michael had plans that were at odds with what his parents wanted - what a surprise. He apparently wanted trusts in order to ensure that his wealth (what there is of it after the bills are paid) is secure and benefits his children. His parents appear to want his wealth.

[govtguy]

With all the controversy over MJ'd death, it is no big surprise that the family and other "interested" parties will fight to the death to see who gets all the money. Papa Joe is definitely a mutt in this fight, he wants it all or as much as he can legally steal. How could someone in debt to the tune of over $400 million have $500 million in assets and expect it to be a cash dowry to the Jackson Family Trust and be a trust of some sort for his kids welfare. Better hope Mama Jackson stays healthy 'cause the sharks are circling and buzzards are flocking!