Gordon Ramsay has stated that he will not be leaving his fortune to his children.
In a recent interview, the outspoken celebrity chef revealed that he does not intend that his offspring should receive a large inheritance.
Instead, Ramsay stated, that they should focus on making their own way in life and not have to rely on a windfall.
Speaking about his fortune – reportedly around $54 million at present – Ramsay said: “It’s definitely not going to them, and that’s not in a mean way; it’s to not spoil them.
“The only thing I’ve agreed with Tana is they get a 25 per cent deposit on a flat, but not the whole flat.”
Although some may brand this approach as harsh, Ramsay is not alone in his ethos.
David and Victoria Beckham were also reportedly teaching their own children a similar hard-working attitude.
Encouraging their children to take on Saturday jobs, the Beckham’s state that is something that their children should get experience in – much like themselves at the same age.
Allegedly worth around £180 million, Sting has also stated that his children won’t be receiving a great deal of inheritance, claiming that he didn’t want “to leave them trust funds that are albatrosses round their necks.”
Although claimed, these wishes will not be set in stone until a will has been written. Unless married, the law of intestacy would actually lead to the inheritance naturally passing to the offspring – contrary to the alleged wishes of the above celebrities.
When estate planning is featured in the media, client consideration of their Will is likely to increase.
As well as keeping up to date with legislative changes, staying aware of stories such as this ensures your client that you’re fully informed of what’s happening within the industry.
