Sir Andrew Lloyd Webber is refusing to leave any of his fortune to his five children.
The theater impresario, whose personal wealth is rumored to be around £750 million, revealed that his children will not inherit his production company Really Useful Group.
He told The Mirror: "They aren't bothered. They don't think that way. It is about having a work ethic - I don't believe in inherited money at all.
"I am not in favor of children suddenly finding a lot of money coming their way because then they have no incentive to work.
"So I will give them a start in life but they aren't going to end up owning the Really Useful Group."
Lloyd Webber has children Imogen and Nicholas with first wife Sarah Hugill, as well as Alastair, William and Isabella from his marriage to Madeleine Gurdon.
In Webber's case, we are talking about a substantial amount of money. While most parents aren't concerned with astronomical numbers, this is a looming thought in every estate planning session. The discussion revolves around what should the kids get. I am in favor of leaving some assets to adult children, though I qualify it by asking my top ten questions before we settle on leaving any sum to a child. Sometimes, the children's attitudes and relationship with money can be engaging, and at other times, they can be the sole reason why the parents came to my office. Ask yourself, how does my child deal with money now? It's likely that he or she will deal with it the same way after you are gone.
Mina N. Sirkin is a Family Wealth Lawyer in Los Angeles, CA. Ms. Sirkin is a Certified Specialist attorney in Estate Planning, Probate and Trust Law by the State Bar of California. MSirkin@SirkinLaw.com. http://www.SirkinLaw.com.
