Sting: No Trust Funds for My Kids
He calls inheritances like that 'albatrosses round their necks'
By Evann Gastaldo, Newser Staff
Posted Jun 23, 2014 9:35 AM CDT
Trudie Styler, left, and Sting arrive at the 68th annual Tony Awards at Radio City Music Hall on Sunday, June 8, 2014, in New York.   (Photo by Charles Sykes/Invision/AP)

(Newser) – Sting may be worth more than $306 million, but his six children will have to make their own way, he tells the Daily Mail's Sunday magazine. First of all, "I told them there won’t be much money left because we are spending it!" he explains. "We have a lot of commitments. What comes in, we spend, and there isn’t much left." But beyond that, he says, "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."

He adds that he would help them if they were in trouble, but so far he hasn't really had to. "They have this work ethic that makes them want to succeed on their own merit," he says. "People make assumptions, that they were born with a silver spoon in their mouth, but they have not been given a lot." The revelation came as a new survey revealed that many of the ultra-wealthy worry that if they give their kids too much, it will ruin their ambition, the Mail notes. Anderson Cooper said earlier this year that's the reason he won't be inheriting any of his mom's $200 million fortune.

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Showing 3 of 46 comments
Ivan
Jun 24, 2014 4:57 PM CDT
I find it hard to believe what you are saying, Sting. You know very well that without a family trust you are exposing your kids to have whatever you may leave for them eaten by sharks and piranhas of the government, wherever they reside. You can always leave conditions stipulated in the trust so that they make something out of their lives first, meet certain life standards or whatever expectations you might have for them…but leaving your kids without any money because you don't believe in it…makes you a real insensitive fn a…hole in my book.
Cat-Lover
Jun 24, 2014 4:15 PM CDT
If I were his kids, I'd leave his cadaver where it fell when he dies.
FrankFurter
Jun 23, 2014 11:56 PM CDT
Good for him. I think most people of the world do the same. Less maybe Koch family, Kennedy family, Trump, Hiltons,....