Michael Jackson's will, signed seven years ago, gives his entire estate to a family trust, according to published reports.

The will was filed Friday in a Los Angeles court.

Jackson named his mother, Katherine Jackson, guardian of his children, cutting out completely ex-wife Debbie Rowe.

Court documents estimated the current value of his estate at more than $500 million.

If Jackson’s 79-year-old mother is unable to care for the children, Jackson named entertainer Diana Ross as a successor guardian.

The documents said Jackson's estate consisted almost entirely of "non-cash, non-liquid assets, including primarily an interest in a catalog of music royalty rights which is currently being administered by Sony ATV, and the interests of various entities," according to the Associated Press.

One of Jackson's most lucrative assets is his stake in the Sony-ATV Music Publishing Catalog, which includes music by the Beatles, Bob Dylan, Neil Diamond, Lady Gaga and the Jonas Brothers. Its value has been estimated as high as $2 billion.

Meanwhile, rumors have swirled on the Internet that the Jackson Family would bury Michael at the Neverland Ranch and possibly hold a public memorial for him there. Those rumors now appear to be just that…rumors.

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