Andrew Lloyd Webber's kids won't inherit his money
Categories: Money & work, Life & style, Celeb parenting
When your dad is worth $750 million, you might expect to never have to worry about money again. But Andrew Lloyd Webber's kids aren't getting a free pass from their dad. In a recent interview Webber revealed that he 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."
Webber acknowledges that since his wife Madeleine will likely outlive him, it'll be up to her to decide exactly how the money is spent and the company is run. And while kids Imogen, 31, Nicholas, 29, Alastair, 16, William, 15, and Isabella, 12, won't be inheriting their dad's giant fortune, Webber says they'll be taken care of nonetheless.
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Reader Comments (Page 1 of 14)
Anita 10-12-2008 @ 1:21PM
There was no option for "I'd give some of it to my kids and contribute the rest to charity". That actually sounds like what he is really doing. $750 million dollars is a lot of money. He can set his kids up nicely and also help out others.
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robin 10-13-2008 @ 9:30AM
i wouldn't leave it to kids to learn the arts. i would rather leave it to no kill animal shelters to give animals a fighting chance. i would also promote birth control on the human population and demand people adopt kids rather than popping out new ones.
BL 10-19-2008 @ 3:13PM
I agree with Anita, no one needs or should have $750,000,000 just given to them. I would take care of my children and grandchildren generously and give the rest to the church and other charities!
stephanie 10-13-2008 @ 10:16AM
sure i would leave my kids well provided for also. and give some to charity too. they deserve to be well taken care of they are my children no matter how old they are.
Liz 10-13-2008 @ 11:13AM
Ditto Anita! This sounds like what ALW is planning on doing. It is exactly what I would do. Take care of the family by gifting them each a "small" amount (like $10 million each) then give the rest of the $700 million to furthering the arts, education and spreading the Gospel of Jesus Christ.
Theresa 10-13-2008 @ 11:13AM
KUDOS to Andrew Lloyd Webber! I totally agree with Anita. I'd provide for my kids but not to the degree that they turn into little worthless brats like Paris Hilton, Brittany Spears and Nicole Ritchie. I've seen inherited money too many times turn what could be a productive person into a mindless loser!
Kathy 10-13-2008 @ 11:50AM
Absolutely best way to handle it! Smart man. Hope his wife and kids realize it and honor it when the time comes.
eddie 10-13-2008 @ 2:34PM
why selfish to your kids .you can still be nice toothers be generous to you kids too. they are the extension of your life and your purpose.
Deidre 10-13-2008 @ 3:14PM
That's exactly what I was thinking! 750 million is enough to split quite a few ways, why would it have to be all to your kids or none to them? Also, the AOL link said he "cut his kids out of his will" which is very misleading! He says he's still going to take care of them, they're just not getting it all. AOL sucks.
nanci meek 10-13-2008 @ 3:38PM
Our father wanted to provide for us and had it in his 1996 Trust however his wife of 12 years and her attorney had other plans Check these out..........
http://youtube.com/watch?v=d_PiKumEPVU
http://youtube.com/watch?v=vgVts2xiD5o
We aren't finished with the fight but it just goes to show you what greed will do to people. I work two jobs, have two mortgages and several loans taken out to pay attorneys of course the stepmother has unlimited access to over 4.2 million
RobW 10-13-2008 @ 4:12PM
I agree with Anita: the survey was deficient.
Mr Webber is foolish to presumably plan to leave everything to his wife then hope that she does the right thing, as his words inply:
He should set up a Trust to benefit such charities and activities he cherishes, one hopes including help for animal shelters, then separate trusts for each of his kids and his current wife. If he leaves it all to his wife by simple will or joint ownership, she may be sued or may remarry. Anything might happen. That is bad planning.
williamson 10-13-2008 @ 5:27PM
AMEN! What a wonderful inheritance to belong to someone so talented and so generous!
Rebekahh 10-13-2008 @ 5:48PM
I completely agree with anita, you should give some to your kids, but if you have that much money, a lot of it should go to charity.....and besides, webber said his kids will be taken care of.
George Estremera 10-13-2008 @ 7:01PM
Exactly. He could do both, for gosh sake!
Meme 10-13-2008 @ 8:36PM
Anita, I was looking for the same option. I know that there are many charities I would like to help out and take god care of my children as well. Since Weber said in the story that he'd be doing that, it was pretty silly for us not to have had that option. Now to find me 750 Mil... Lol (J/K)
leavittation 10-13-2008 @ 9:04PM
This is exactly why we need the Obama proposed Maximum wage. Nobody is worth this kind of money! Instead of balancing the budget on the backs of hard working Americans, why not tax all income over $250,000 a year at 100%?
That way, Steven Speilberg, Tiger Woods, Paris Hilton and the heads of Fanny and Freddie will balance the budget, not hard working American families.
Jenn 10-12-2008 @ 2:31PM
I'm with Anita. I would certainly leave SOME to my children, but I'm not setting up my children or grandchildren to be trust-fund babies.
It's one thing to leave enough to your kids that they won't ever have to worry about being destitute (assuming they handle it reasonably well). It's completely another to leave so much that they will never have to work again, or learn the true value of work and money!
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maxine howard 10-13-2008 @ 10:11AM
this is my opponion, of course, i live mo to mo on limited income so id be grateful if i had extra money to share with my children, i have four and they know they have to work to make a living. id be grateful if i had a few dollars extra a momth so i could have a few little extra things. he should be proud to have money to share with them, thats my thoughts, thanks for listening
Peter 10-13-2008 @ 3:05PM
Giving your money to strangers is a noble thing to do .but look at the country we take care of the world. when it comes to our own they don't get enough help.we have plenty of poor people here.
give the money to yours they may suprise you with it.become better than you think.they may even becom public servants,philanthropist.don't sell your children short.OR the generations that are to follow.
Bitter 10-12-2008 @ 7:31PM
He is a bitter old man hanging the old money carrot in front of his kids faces. What parent would not want to pass on knowing your children and grandchildren are taken care of.. Regrettably this is common place in wealthy families when the holder of the purse strings feels like exercising control and wants everyone to jump through hoops. You cant miss what you don't have - i hope his kids let him spend his last years alone and with his money..
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