The recent death of US pop singer Michael Jackson and his US$1bn (A$1.2bn) estate could give rise to one of largest legal disputes of its kind ever.
A Los Angeles Superior Court judge recently awarded Jackson's mother, Katherine, temporary guardianship of the singer's children and title of "special administrator" of her son's estate until the next 6 July hearing. However, she is not permitted to take possession of money or property unless court approval is granted.
According to Phillip McGowan, a partner at Brisbane firm De Groots Wills & Estate Lawyers, the case could have "unexpected outcomes" and take many years to resolve. "The case involves his parents, siblings, children, a surrogate mother, minders and major creditors - creating scenarios that could be the world's largest ever will dispute," he said.
McGowan said that the advising lawyers will need to consider whether Jackson set up private trusts to distribute his assets - namely his own music catalogue and share in Sony/ATV Music Publishing - to his children and relatives. Apparently Jackson's stake is controlled by a trust but the identity of beneficiaries remains unclear. The music star had an estimated US$500m debt when he died.
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