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Ten Celebrities Who Cut Their Kids Out Of Their Will
|August 28, 2014 Jackie Chan, Nigella Lawson, Sting, Simon Cowell, George Lucas, Rooney, Michael Bloomberg, Warren Buffett, Pierre Omidyar, Bill Gates, Lawson|
It is not unheard of that rich and famous people make a Will and donít include their children in it. Often, it is not because they have not updated it, it is because they donít want their children to inherit their fortune. We have put together a list of ten people who have gone ahead and cut their kids out of their Will:
Sting recently told the press that his £180m fortune will not go to his children. According to the Guardian, he explained that he will be spending it on himself and that he has good reasons for not leaving it all to his offspring:
ďI certainly donít want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate. Obviously, if they were in trouble I would help them, but Iíve never really had to do that.Ē
Bill Gates agrees with Sting and he thinks that he wonít be doing his children a favour by leaving them all of his $78.6 billion. Instead they will ďonlyĒ receive $10 million each. The majority of his wealth will go towards charity. Gates and Warren Buffett founded the Giving Pledge together to encourage other rich Americans to do the same.
The former mayor of New York City agrees with Gates and most of his money will also go to charity. He too committed to the Giving Pledge and his two daughters wonít see much of their fatherís wealth. Bloomberg wrote in a letter:
ďIf you want to do something for your children and show how much you love them, the single best thingóby faróis to support organizations that will create a better world for them and their children.Ē
For selling the Star Wars franchise alone, Lucas received $4.5 billion, but like many other super rich Americans he too intends to give his money to those in need. In his Giving Pledge letter he explains that he wants his money to go towards the improvement of the education system.
Actor and UNICEF Goodwill Ambassador Jackie Chan will leave none of his $140 million fortune to his son. His reasoning behind it is that his son can make his own money. His wealth will be donated to charity.
Rooney was one of the best paid actors in Hollywood in the 1940s. When he died in April 2014 at the age of 93, he left his entire $18,000 estate to his stepson Mark and his wife. His other eight children and his estranged wife received nothing. Mark was living with Rooney and took care of him until he died. Rooney chose to update his Will to benefit the person who cared about him. Rooney chose to update his Will to reflect who had looked after him and itís important to update your Will if you have had children or grandchildren or are now separated or divorced.
Saga highlight the important reasons for keeping your Will up to date, such as in the event of a dramatic life change or if your circumstances change like divorce, marriage or having children.
TV chef Nigella Lawson agrees that her children need to experience the necessity to earn money and once they finish college, she will no longer financially support them. She thinks that not knowing what financial insecurity is can ruin people. She does not want to cut her kids out of her Will completely though.
X-Factor judge Simon Cowell doesnít believe in passing on money from generation to generation either. His money will go to charity and it looks like his son will have to learn to support himself.
Together with Bill Gates, Warren Buffett brought to life the Giving Pledge, which commits the richest Americans to give their money to charity. He would rather see his money go to the less fortunate and 99% of his $65.1 billion fortune will thus go to charity.
The founder of eBay became a billionaire at the age of 31, but he has decided not to leave his fortune to his three kids. Instead, he invests his money to help the less fortunate. He and his wife give more of their private wealth to fighting human trafficking than anyone else in the world. On top of that, Omidyar brought to life his own philanthropic investment firm, Omidyar Network, which works towards helping people improve their lives.
Though they will still have untold opportunities, advantages and connections to help them succeed, the children of these celebrities won't be living large off their inheritances. Their parents seem to have good reasons for their decisions, and it looks like none of them is going to have to worry too much.
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By: Maverine Lane
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