Attorneys for both sides say an agreement between the children's grandmother and their biological mother, Deborah Rowe, is in the best interest of the children. A court hearing is scheduled for Monday.
Identity of the biological mother of Michael Jackson's third child, Prince Michael II, also known as Blanket, 7, has not been made public.
In his 2002 will, Michael Jackson stated he wanted his mother to care for his children. The value of Jackson's estate is estimated to be worth anywhere from $500 million to several billion dollars.
Burial arrangements for Michael Jackson have not been announced; a coroner's report is awaiting results from toxicology and other tests.