By now, readers of this blog are well aware of the benefits of estate planning. Despite those benefits, some people choose to take an unusual stand on estate planning issues. When this happens, it can make for an interesting look into the way some people view their assets. Sting, the famed musician, has recently announced an unconventional method for handling his estate.
Sting has said that his children won't be getting his reported $300 million estate when he is gone. He is refusing to take part in trust planning because he says trust funds can be "albatrosses round their necks." He wants his six children to work instead of relying on him to provide everything for him.
Sting says that he spends what he makes because he has a lot of commitments. He says there won't be much left for his children when he is dead. He says that he hasn't really given his children a lot and that they work for what they have now. He says that if one of his children needs his help, he will help them but has yet to do so.
As odd as Sting's thoughts might seem to some, there are some people who follow the same train of thought. Of course, some people might decide to follow Sting's lead and just spend everything they make so there isn't much of an estate left when they die. Some people who don't want to leave everything to their children might decide to create trust funds for charities or other organizations. Knowing about estate planning in California might help adults to decide how to proceed with conveying their final wishes.
Source: TODAY, "Sting says he won't leave his kids a big inheritance" Vidya Rao, Jun. 20, 2014