For most of us, the goal of hard work is to leave something behind for the next generation. Many families choose to formalise these wishes by creating a legally valid will. We imagine passing down the family home or a nest egg that makes life just a little bit easier for our children. But in the world of the ultra-famous, a growing trend flips this idea on its head. More celebrities are leaving their children very little in their wills. It sounds harsh, but when you look at the reasoning behind it, it’s often driven by a desire to keep their kids grounded. Here are four examples.

Daniel Craig

The man who brought James Bond to life has been very vocal about his no-trust-fund policy. With a fortune estimated at over £100 million, Craig has famously stated that he finds the idea of inheritance distasteful. His philosophy is simple: he plans to spend it or give it all away before he goes, believing that his children should find their own way in the world rather than relying on a windfall.

Bill Gates

Bill Gates is one of the wealthiest people on the planet, but his children won’t be inheriting his billions. While they will certainly be well-provided for with a top-tier education and a comfortable start, the vast majority of his wealth is destined for the Gates Foundation. He has often said that he wants his children to have “enough to do anything, but not enough to do nothing.”

Gordon Ramsay

If you’ve seen him in the kitchen, you know Gordon Ramsay doesn’t sugar-coat anything, and that includes his estate planning. He has famously said his fortune is “definitely not going to them,” referring to his children. The Ramsay kids don’t even sit in first class with him on holiday; they stay in economy to learn the value of work. He has agreed to provide a 25% deposit on a flat for each of them, but the rest of the bill is theirs to pay.

Jackie Chan

Martial arts legend Jackie Chan has been very clear about his stance on wealth. For years, he stated he would leave his entire fortune to charity, famously saying, “If he is capable, he can make his own money. If he is not, then he will just be wasting my money.” While he ensures his family is comfortable, he believes that a work ethic must come before wealth.

Why do they do it?

While it might seem like a tough love approach, these celebrities often cite the same few reasons for their decisions:

Preventing Affluenza – They worry that a massive inheritance can kill the drive to achieve anything personally.

Philanthropy – Many feel that once their family is comfortable, the rest of the money has a higher calling, helping those in extreme need.

The Gift of Purpose – They believe the greatest gift you can give a child is the satisfaction of earning their own success. Without a valid will, estates are distributed under intestacy rules, which may not reflect personal wishes.

For help with estate planning, contact Probate London on 0208 0171029.