Katherine Jackson, mother of Michael Jackson, has officially filed for guardianship of Michael’s three children. The papers were filed in Los Angeles, and a hearing is set for August 3, five weeks from now. Katherine Jackson has also filed to take over “the children’s estate”, which from all evidence is probably all of Michael’s estate. Since Michael’s will hasn’t been made public, my guess is that he left all of his assets or nearly all to his children. Katherine filed for full and permanent guardianship of the kids this morning – and this afternoon she was granted “temporary” guardianship until the August hearing.

The children are with Katherine now, in the “Jackson compound” in the San Fernando Valley. The rationale Katherine (or her lawyers) have given for the filing is that “Minor children are currently residing with paternal grandmother… They have a long established relationship with paternal grandmother and are comfortable in her care.” Of course, for the two oldest children, Prince Michael and Paris, there is the matter of their birth mother Debbie Rowe. Legal experts are coming out of the woodwork to claim that Rowe has the best shot at getting full custody when this thing comes to court:

Michael Jackson’s mother is caring for the singer’s three children and asked the court Monday to declare her their guardian. The guardianship papers were filed in Los Angeles Superior Court on Monday. A hearing has been set for Aug 3.

Jackson left behind three children: Michael Joseph Jackson Jr., known as Prince Michael, 12; Paris Michael Katherine Jackson, 11; and Prince Michael II, 7. The youngest son was born to a surrogate mother.

The filings show that Katherine Jackson is also petitioning to take over the children’s estate. Its value is listed as “unknown” in the filing. The filing lists the children as living at the Jacksons’ family compound in the San Fernando Valley, northwest of Los Angeles.

“Minor children are currently residing with paternal grandmother,” the filing states in an explanation of why Katherine Jackson should be appointed guardian. “They have a long established relationship with paternal grandmother and are comfortable in her care.”

The filings provide no other declarations by Katherine Jackson, nor do they state whether Michael Jackson left a will.

The filings note that Deborah Rowe is the mother of the Jackson’s two eldest children, but list her whereabouts as “unknown.” An e-mail message sent to Rowe’s attorney seeking comment wasn’t immediately returned Monday morning. For Michael Jackson’s third child, nicknamed as Blanket, the filing states “None” for the mother.

Londell McMillan, the Jacksons’ attorney, said the family hasn’t heard from Deborah Rowe, the mother of Jackson’s two oldest children, about custody.

“I don’t think there will be anybody who thinks that there is someone better” than Katherine Jackson to have custody, McMillan said Monday on NBC’s “Today” show. “She is a very loving host of other grandchildren.”

There was no word from the family on funeral plans. Many of Jackson’s relatives have gathered at the family’s Encino compound, caring there for Jackson’s three children.

Given the secrecy surrounding Jackson’s children throughout his life, it’s no surprise that there are lingering questions about who will care for them. What is almost certain is this: Their fate will be decided in a courtroom.

Experts say the person who has the strongest legal claim to Jackson’s two oldest children is Rowe. As for the youngest child, Jackson’s wishes will be more influential. It remains unclear who Jackson designated as potential guardians for his children. Those details – likely contained in the 50-year-old singer’s will – have not been released.

Prince Michael II’s mother has never been identified, and while she may surface, it is likely that she signed away her rights, said Stacy Phillips, a Los Angeles divorce attorney who has represented numerous high-profile clients.

Rowe would have to undergo an evaluation by the court to determine if she’s the best person to care for Jackson’s children. So, too, would anyone else who applies to become the children’s guardian – some of whom may have Jackson’s blessing.

“If he did indicate a preference, that will be given great weight, but that will not be determinative,” said Los Angeles attorney Gloria Allred. “Children are not property, they cannot be willed to another person.”

Whoever wins custody of Jackson’s children won’t automatically gain control of their inheritance, Phillips said. “For many people, the person or persons who are taking care of their kids are not necessarily taking care of their money,” Phillips said. “There’s a benefit to that _ a sort of a check-and-balance.”

Rowe, or whoever is designated the children’s guardian, will receive payments based on Jackson’s estate, Phillips said.

[From The Associated Press via The Huffington Post]

One of my lesser peeves about the tabloid Michael Jackson coverage has been the repeated claims that Jackson was broke or bankrupt. True, he had millions and millions of dollars in debt, and he probably had horrible business sense the last decade of his life. But he wasn’t anywhere near broke, having made some brilliant financial decisions early in his career. Namely, Jackson owned one of the most profitable music catalogs in the history of music – the Beatles catalog of more than 200 songs. Most professionals estimate that one catalog alone is worth a billion dollars. And I’m not even getting into the other catalog Michael partially owned – his own. So no matter what, Michael’s children will have more than enough money, if some money-grubbing relative doesn’t get their hands on it first. My hope is that the courts step up and really represent the hell out of these kids’ interests. I hope Michael’s assets are placed in a trust that no member of his family can touch, and only monthly child support is paid out to whoever gets custody.

Here’s Katherine Jackson on May 21st, 2008. Images thanks to Fame Pictures .