There are many benefits to having a famous parent. Just imagine getting to go on elaborate vacations and attend fancy parties, not to mention, having access to concerts, film sets, and other VIP spots (we’re just a little jealous, OK?). But for some celebrities, the perks stop there.
Recently, a slew of stars have claimed they aren’t including their children in their wills or otherwise leaving them fortunes when they die. After all, these stars worked hard for their money, and they expect their kids to make their own way in life — instead of just banking on mom or dad’s successes.
Many of these celebrities, such as Mila Kunis, Ashton Kutcher and Sting, don’t want to spoil their kids. Others, like Bill Gates, plan on leaving the vast majority of their fortune to charitable causes, while leaving only a small portion (relatively speaking, that is) to their offspring.
If this seems surprising to you, it is actually a pretty common move among high earners. A recent study by the financial website The Motley Fool of individuals worth at least $1 million found that 67 percent are worried about leaving too much money to their kids one day. The reason: Parents fear their children will not spend their money wisely or are concerned that inheritances would make their children lazy and unmotivated.
While it may seem harsh to cut children out of a will, these celebrity parents are doing so out of love. They want their children to grow up with a healthy view of money, a drive to work hard and achieve their own goals, and a heart for giving back to others less fortunate. It’s actually pretty noble if you think about it! Read more about these famous parents — and their reasons — for not leaving their kids a lifetime inheritance.