Michael Jackson Update: Details Released on the Will

We're doing a regular series here on AOL Black Voices where we talk about what's going on with the Michael Jackson situation. We are not going to focus on the drama. Instead, we are going to focus on the finances. The truth is that while there are certainly interesting elements to the story about Jackson's death, there are productive lessons that can be learned about the complications of his will and the process of weeding out the confounding issues of his estate. One thing we all have in common with Michael Jackson is that every one of us is going to die. So, as I gather legal correspondents and others to discuss the case, I hope we can all allow the world to become our classroom and embrace the idea of sound financial literacy.

Today, the Michael Jackson money updates are as follows:

-Jackson's will was filed today, July 2, 2009. Surprisingly, Diana Ross is listed second to Michael's mother, Katherine, as the guardian of his three children. This is not surprising considering that Jackson has always been close to Ross. One concern is that both of these women are senior citizens, so long-term care concerns are still relevant. I can't see either of these two women keeping the children into adulthood. But as we discuss below, there are immediate alternatives as well.

-Michael's father, Joe Jackson, has never been mentioned in Michael's will. This is also surprising, but seems to imply a strained relations between Michael and his father. This may also explain Joe's strange behavior at the BET Awards, where he spent more time promoting his new record label than discussing his son's death. But given that Joe Jackson is 80 years old, one could question his personal need for Michael's money over a long period of time. A lot of people have vilified Joe Jackson, perhaps rightfully so. But the truth is that without Joe, there would be no Michael. He pushed Michael to be his best.

-Michael intentionally left his ex-wife, Debbie Rowe, out of the will. She was the surrogate mother for two of his children. Given that Jackson paid her well, there is no reason to have expected her to be included in the will, unless she were to take custody of the children.

Jacksons Memorial Photos

A new waxwork of U.S singer Michael Jackson, is unveiled at Madame Tussauds in London, Thursday, June 9, 2009. Los Angeles spent US$1.4 million to provide security, traffic control and other services for Michael Jackson's memorial service, city officials said as they looked for ways to have others help the financially troubled city pick up the bill. (AP Photo/Joel Ryan)

A new waxwork of U.S singer Michael Jackson, is photographed as it is flanked by the members of the public at Madame Tussauds in London, Thursday, June 9, 2009.. Los Angeles spent US$1.4 million to provide security, traffic control and other services for Michael Jackson's memorial service, city officials said as they looked for ways to have others help the financially troubled city pick up the bill. (AP Photo/Joel Ryan)

LOS ANGELES, CA - JULY 7: A police car patrols outside of a memorial service for pop star Michael Jackson at Forest Lawn Mortuary July 7, 2009 in Los Angeles, California. Thousands of supporters attended the service for Jackson around the world who died at the age of 50 at the UCLA Medical Center after going into cardiac arrest on June 25 in Los Angeles, California. (Photo by Sandy Huffaker/Getty Images)

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LOS ANGELES, CA - JULY 7: A funeral procession carrying the body of Michael Jackson heads towards the Staples Center from Forest Lawn cemetery after a memorial service for family and friends July 7, 2009 in Los Angeles, California. Thousands of supporters attended the service for Jackson around the world who died at the age of 50 at the UCLA Medical Center after going into cardiac arrest on June 25 in Los Angeles, California. (Photo by Sandy Huffaker/Getty Images)

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LOS ANGELES, CA - JULY 7: A police motorcade escorts a funeral procession carrying the body of Michael Jackson during a memorial service for family and friends at Forest Lawn Mortuary July 7, 2009 in Los Angeles, California. Thousands of supporters attended the service for Jackson around the world who died at the age of 50 at the UCLA Medical Center after going into cardiac arrest on June 25 in Los Angeles, California. (Photo by Sandy Huffaker/Getty Images)

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LOS ANGELES, CA - JULY 07: General view of atmosphere outside the Staples Center prior to the start of the Michael Jackson public memorial service held at Staples Center on July 7, 2009 in Los Angeles, California. Jackson, 50, the iconic pop star, died at UCLA Medical Center after going into cardiac arrest at his rented home on June 25 in Los Angeles, California. (Photo by Bob Covington/Getty Images)

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-TMZ is reporting that Michael was not the biological father of his children. After taking a look at the kids, and putting them next to Michael's baby pictures, this is not all that surprising. This is further complicated by the fact that some are claiming that Michael never formally adopted the children. Therefore, someone else could challenge the family for custody of the kids, which is especially tempting since the kids are now worth millions. Rowe would be a perfect candidate to challenge, since she did actually sell her womb for money. In California, surrogate parents have special rights, which may be an opening for her.

-Findings by the coroner may also have an impact on Jackson's estate. DEA involvement in the investigation implies that the feds are suspicious about the role drugs played in Michael's death. Let's hope this is not the case of yet another celebrity drug overdose, but there is a great deal of suspicion that Michael spent a lot of time medicating away his physical and psychological pain. That, in itself, makes his life a bit tragic.

Dr. Boyce Watkins is a finance professor at Syracuse University and author of 'Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.' For more information, visit www.DrBoyceMoney.com. To have Boyce's commentary delivered directly to your inbox, click here.