UPDATE: Entertainment Tonight has released the full contents of Michael Jackson’s will. In it, the King of Pop names mom Katherine as the primary caregiver for his kids. In case grandma can’t rise to the challenge, Jackson names longtime friend Diana Ross as the second choice to mother his brood of three. Jackson also states that he intentionally did not include Debbie Rowe (mother to at least two of the Jackson tots) in the document.

Despite claims made by Joe and Katherine Jackson that their son Michael died without a will, one has miraculously come to light. The Wall Street Journal has reported on the information this document contains…and things don’t look so great for dad Joe Jackson.

According to WSJ, the will divides most of Michael Jackson’s assets between his three kids, mom Katherine Jackson and one or more charities. Dad Joe isn’t mentioned and doesn’t stand to inherit a thing from the King of Pop.

Jackson attorney John Branca is expected to formally file the document this week. From the parental camp, Joe and Katherine’s lawyer L. Londell McMillan had this to say: “No will has been presented to family or us.” He continued, “We will review any will when we see it.”

In the will, John Branca and music exec John McClain are named as executors. The Journal says Jackson died owing about $500 in debt, with total assets totaling near $700 million. The accounting firm which handled Michael’s money affairs, however, offered slightly different figures in 2007. At this point, it’s still unclear how much Jackson owed, how much he’s worth and where it’s all going to go. Among his total assets, Michael Jackson owns rights to The Beatles recordings and the sprawling ranch he called Neverland.