Michael Jackson's will has been filed in court in Los Angeles, and Diana Ross has been named as successor guardian of the children.

The filing shows that his estate was valued at $500 million when he wrote the will in 2002.

The entire estate has been left to the Michael Jackson Family Trust, with nothing left to former wife Debbie Rowe, also the mother of his two oldest children.

His mother Katherine Jackson was named in the will as the beneficiary of the trust, as well as guardian of his children Michael Joseph Jr. aka Prince Michael, 12; Paris Michael Katherine, 11; and Prince Michael II aka 'Blanket', 7.

Jackson's lawyer John Branca and John McClain, a music executive and a family friend, were named as co-executors of the will, reports the Associated Press .

Katherine Jackson was granted temporary custody of the three children on Monday (June 29).