The close, lifelong ties between Michael Jackson’s and his friend Diana Ross are made dramatically clear in his 2002 will – he chose her to raise his three children if his mother is unable to do so.

The Jackson family matriarch Katherine Jackson, who is now watching the children, is named as the primary guardian, followed by Ross, 65, if Katherine dies or “is unwilling or able” to act as guardian, according to the will, released Wednesday.

As for what Jackson leaves behind, a petition attached to the will values his estate at $500 million – nearly all of it “non-cash, non-liquid assets” in the form of a lucrative music catalog and “interests in various entities.”

The inheritance goes into the Michael Jackson Family Trust, administered by lawyer John Branca, music executive John McClain and accountant Barry Siegel.

Although it is the first indication of what Jackson wanted done in the event of his death, the will does little to settle the issues of custody and inheritance.

It was signed almost exactly seven years ago, on July 7, 2002, and predates a 2005 custody fight between Jackson and Debbie Rowe, 51, the mother of his two older children, Prince Michael, 12, and Paris, 11. Rowe’s attorney claims Rowe now has parental rights over those kids, which she can exercise now if she chooses. (Jackson has a third child, Blanket, 7, whose mother is unknown.)

With a custody case possibly brewing, Katherine Jackson has been granted temporary guardianship.

Also, the $500 million value of the estate is seriously in question, with Jackson hit by a number of severe financial setbacks after the will was signed and now facing a variety of lawsuits for unpaid bills.

Source, Bauer-Griffin