Why Sting Won't Leave His Children a Trust Fund
Sting may be worth $300 million, but the singer isn't planning to leave much of his fortune to his six children.
"I told them there won't be much money left because we are spending it!" the Police frontman told The Daily Mail, adding he has more than 100 people on his payroll. "We have a lot of commitments. What comes in, we spend, and there isn't much left."
More importantly, Sting, who has three daughters and three sons with wife Trudie Styler, wants his children to be able to stand on their own two feet.
"I certainly don't want to leave them trust funds that are albatrosses round their necks," he told the British paper. "They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate."
He added, "Obviously, if they were in trouble I would help them, but I've never really had to do that. They have the work ethic that makes them want to succeed on their own merit."
Sting is not the only celebrity who feels that way.
Microsoft founder and billionaire Bill Gates famously said he's leaving the vast majority of his fortune to charity and not his three children.
Though he's worth an estimated $76 billion, Gates told the TED conference in Vancouver, Canada, in March, "They won't have anything like that. They need to have a sense that their own work is meaningful and important. You've got to make sure they have a sense of their own ability and what they're going to go and do."