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October 14, 2008
Andrew Lloyd Webber says he won't make his children wealthy
Andrew Lloyd Webber, the famous British composer of musicals such as Cats and Phantom of the Opera, is reportedly worth approximately $750 million. Nonetheless, it appears that he will not be leaving most of his fortune to his five children.
Here is an excerpt from Bethany Sanders, Andrew Lloyd Webber's kids won't inherit his money, ParentDish.com, Oct. 12, 2008:
[H]e doesn't plan on giving his fortune to his kids when he dies. Instead, the king of musicals will likely be donating the money toward helping kids around the world succeed in the arts. "(A will) is one thing you do start to think about when you get to my age. I don't think it should be about having a whole load of rich children and grandchildren. I think it should be used as a way to encourage the arts."
Special thanks to Sara Hudman (J.D. May 2008, Texas Tech University School of Law) for bringing this article to my attention.
October 14, 2008 in Wills | Permalink
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Comments
How very selfish to presume that by removing his wealth from his own family, somehow the world will be a better place from his gifting it elsewhere.
For family left behind, it undoubtedly leaves with them a resentment that is or will be incurable in that he hated his family so much that he was unwilling to acknowledge what may have been his sole motivation for earning that income, and preserving it, only to fall victim to the enormous pressure to gift it to the world and people who profit more by spending it than preserving the love upon which it was predicated and earned. Severing a family post death serves no purpose except to reward alienation, and those who perpetuate that process by estate planning advice to do so are callous, ignorant, and hateful about what creates family value. The next step is simply to put the elderly on icebergs and steal their money.
Posted by: Pat | Oct 20, 2008 12:08:25 PM
