If Branca, McClain, and Siegel were all not available to serve as trustees, then NationsBank, now known as Bank of America, was named to serve as the successor trustee.These shares were to be held in separate trusts in the same manner as provided for Jackson's children. If Michael Jackson was not survived by his mother or any children or other descendants, such as grandchildren or great-grandchildren, then after the 20% carved out for children's charities, the balance was to be divided equally among three of Jackson's cousins: Levon Jackson, Elijah Jackson, and Anthony Jackson, and three of his brother Tito's children: Taj Jackson, Taryll Jackson, and T.J.This will leave Katherine Jackson, who was named as the children's guardian in August 2009, at the mercy of the co-trustees when it comes to asking for funds to support the children. In addition, the co-trustees are given the discretion to accelerate principal distributions if a child is in need of funds to buy a home, start a family, or start a business. At 21, each child will receive all of the net income from their own trust and principal if the co-trustees determine that the net income is not sufficient to provide for the child's "reasonable care, support, maintenance, and education." Each child will receive one-third of the remaining trust principal outright at 30, another one-half outright at 35, and the remaining balance outright at 40. Until each child reaches 21, distributions are left to the complete discretion of the co-trustees. The children's shares will be held in separate trusts also with John Branca and John McClain serving as co-trustees.The co-trustees have the complete discretion as to when income and principal may be distributed to provide for Katherine Jackson's "care, support, maintenance, comfort, and well-being." Upon Katherine Jackson's death, the balance of her trust is to be divided equally among Prince, Paris, and Blanket. Katherine Jackson's 50% share is to be held in a lifetime trust for her benefit with John Branca and John McClain serving as co-trustees.The balance of the trust assets remaining after the payment of estate taxes, medical bills, funeral expenses, attorney's fees, and other costs incurred in settling Jackson's estate is to be distributed 50% equally among Jackson's three children: Prince, Paris, and Blanket, and 50% to Katherine Jackson.The committee can choose among existing charities or establish one or more charities to satisfy this bequest. The first 20% of Michael Jackson's estate is to be left to one or more children's charities selected by a committee consisting of Jackson's mother, Katherine Jackson, and co-trustees John Branca and John McClain.
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