In the document, his mum Katherine, 79, is named as the primary guardian of Prince Michael, 12, Paris, 11, and Prince Michael II, 7.
But in the event she is unable to care for them, Michael requested Diana, 65, step in.
The will - drawn up in July 2002 - was filed at the Los Angeles Superior Court yesterday by lawyer John Branca and music executive John McClain, who are named as executors.
'The most important element of Michael's will is his unwavering desire that his mother, Katherine, become the legal guardian for his three children,' reads a statement.
'As we work to carry out Michael's instructions to safeguard both the future of his children as well as the remarkable legacy he left us as an artist, we ask that all matters involving his estate be handled with the dignity and the respect that Michael and his family deserve.'
Michael's ex-wife Debbie Rowe, the mum of his two eldest children, was omitted from the will.
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