Sting’s Children Will Not Inherit His Fortune
In a recent interview with The Daily Mail, ex-frontman of the Police and successful solo musician Sting revealed that his children will not inherit his estimated $300 million fortune.
Media outlets proved powerless to resist the urge to play upon the singer’s name and his allegedly ungenerous character. The Globe and Mail reported: “When it comes to leaving money behind for his rightful heirs, Sting is rather stingy.” And according to E! Online: “If you’re one of Sting’s six children, this news is likely going to sting.”
In fact, Sting never explicitly states that his children will not benefit from his will. Rather, Sting says that he told his children:
there won’t be much money left because we are spending it! We have a lot of commitments. What comes in we spend, and there isn’t much left.
It would be interesting to know who will inherit Sting’s interests in his catalog (assuming he retains some ownership) as this would become an estate asset capable of generating significant revenue. For his children, that would certainly take the sting out of otherwise losing out on their father’s fortune (sorry). We can be sure, however, that no money will be set aside to set up trust funds for his children:
I certainly don’t 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.
Sting is hardly the first wealthy individual to publicly declare that their children won’t inherit their fortune. Warren Buffet, for example, intends to give away 99% of his wealth. His philosophy is similar to Sting’s:
I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.
Actor Jackie Chan, has similarly declared of his son:
If he is capable, he can make his own money. If he is not, then he will just be wasting my money.
Bill and Melinda Gates have set up The Giving Pledge to encourage wealthy individuals to commit to dedicate “the majority of their wealth to philanthropy.”
While philanthropic motives and a desire to see one’s children succeed by their own efforts are surely admirable, wealthy individuals should take care to provide for their dependants. In Ontario and many other jurisdictions, dependants may claim support from the Estate if the will fails to adequately provide for them.
Thanks for Reading!