Why Celebrities cut their children out of their will

As a ‘regular’ person, it is unthinkable to leave your children out of your Will. However, there is a growing trend for celebrities to cut their children out of their Will – but why? Is it because of inheritance tax or is there something else at work here?

For musician Sting, it’s about hard working morals and because of this, he has decided that he will not bequeath a huge inheritance unto his children. He said that he would “help them out” if they needed it, but he has never had to thus far as they have inherited his attitude towards working hard.

Wanting children to grow up hard working and independent is not a unique view among celebrities. Bill Gates, one of the richest men in the world, has said that he doesn’t think that leaving his children huge amounts of money would do them any favours. He is planning on giving away most of his wealth when he passes on.

However without a will in-place, access to the estate of the deceased can be costly and incur major delays no matter where you live. A good example is Warren Buffet who is worth over $113 billion, has also revealed that he views dynastic wealth with distaste, saying that passing it on to one’s family deprives the millions of others who live poorer lives. He has developed The Giving Pledge, a platform which encourages other billionaires to give away their fortunes before or after their death.

Michael Bloomburg, who has amassed a net worth of around $34 billion, believes that in order to create a better world for your offspring, you have to support organisations which promote a better world, rather than leaving huge amounts of money to few people.
The Bloomburg Philanthropic Foundation does just that, supporting various charities and organisations.

The tradition of inheritance is changing for the ordinary working person, too. People are now still considered young at 50, and while this is great news for all of us, it also means that we are more likely to work our way through our savings before we die. While it has been normal for relatives to pass on with a few thousand untouched pounds in the bank, it is now becoming more common for people to leave debts rather than inheritance. For those who are leaving savings, without a will in place, however, access to the estate of the deceased can be costly and incur major delays no matter where you live. It also means that Michigan interstate success comes into play and your assets may not end up where you really wanted them to be.

It is still important to make a Will however, as family members will still need to know how to divide your assets. Making a Will is a simple process when done correctly, and it is important to seek help from professional organisations such as Saga, who can offer advice and support as well as help you keep your Will updated.