(Baby Gaga) Celebrities live a life where they are hounded by the media, and their every move is documented and dissected, often becoming the subject of tabloid headlines, and they can’t go anywhere without their photograph being taken. This is the life they have chosen, and although it has many downsides, the major pros are that they get to do something they love, but also reap the financial rewards of their hard work. Many A-listers have an impressive fortune worth millions, and sometimes even billions, of dollars, but not all of them intend to pass on this wealth from one generation to another.
Although there have been celebrity children who have benefitted by inheriting a large sum of money from their parents, or were set up with trust funds, there are others, like Mila Kunis and Ashton Kutcher, who feel that their money is better spent on charity and do not intend to set their kids up with trusts — although if their kids have a solid business plan, that’s another story. And musician Sting feels a trust fund would be to his children’s detriment.
Below are 10 celebs who want to leave their children with trusts, and 10 who want them to work hard for what they achieve in life.
Let's start with the 10 celebs who set their kids up with a trust fund...
KURT COBAIN PROVIDED FOR HIS ONLY CHILD, FRANCES BEAN COBAIN, AND SHE HAS AN IMPRESSIVE FORTUNE
Kurt Cobain and Courtney Love had just one child together, a daughter named Frances Bean Cobain. When she was just a child, her father passed away, and he left her his fortune, which according to Go Banking Rates, she was unable to access until she was 18.
Frances Bean turned 18 in 2010 and inherited a third of her father’s estate — the estimated value of the entire estate is believed to be $450 million. However, years later, Frances spoke about the “guilt” she feels over inheriting money that she didn’t make herself.
On an episode of RuPaul: What’s the Tee? Podcast (via People) she said, “My relationship to money is different because I didn’t earn it. And so it’s almost like this big, giant loan that I’ll never get rid of.”
LISA MARIE PRESLEY INHERITED HER FATHER ELVIS’S ENTIRE FORTUNE (BUT IT DIDN’T LAST)
Lisa Marie Presley was the only daughter of Elvis Presley, and when she was nine, she lost her father. He did provide for her financially though and set up a trust in her name. However, that money didn’t last, and Lisa Marie made headlines after filing a lawsuit against former manager Barry Siegel, who, according to Daily Mail, she claims was paying himself a hefty sum per annum to manage her trust but was “reckless and negligent” with his investments from her $100 million fortune.
She is being counter-sued for her “uncontrollable spending habits,” which Siegel believes are the cause of her lost fortunes.
CARRIE FISHER NAMED HER DAUGHTER, BILLIE LOURD, AS HER SOLE HEIR
Carrie Fisher and her daughter (and only child) Billie Lourd were adorable every time they posed for photos together, and you could really see the love that this mama and daughter duo shared. When Fisher passed, she named her daughter as the sole beneficiary of her estate, and according to People, this left Lourd with personal and household objects, a life insurance policy, her mother’s intellectual property rights, a Tesla S, and more.
Speaking of how her life has changed since her mother and famous grandmother, Debbie Reynolds, have passed, Lourd told Town & Country, "I've always kind of lived in their shadows, and now is the first time in my life when I get to own my life and stand on my own. I love being my mother's daughter, and it's something I always will be, but now I get to be just Billie."
MICHAEL JACKSON LEFT HIS THREE CHILDREN A MASSIVE FORTUNE
Michael Jackson’s three children, Prince, Paris, and Blanket, are already millionaires who benefited from his success and fortune. According to The Telegraph, each child is reported to receive millions of dollars per year, but are expected to receive their father’s full fortune when they turn 40. They are set up for life financially, and none of them are expected to run out of any money.
Although her brothers tend to live their lives away from the public eye, Paris has embraced the entertainment industry and has been working as a model and has appeared in the comedy film Gringo.
DAVID BOWIE SPLIT HIS FORTUNE EQUALLY AMONGST HIS CHILDREN
When David Bowie passed, he is reported to have left half of his $100 million fortune to his widow Iman, and then split the other half evenly between his two children, Daily Mail notes. Bowie had two children, a daughter, Alexandria 'Lexi' Zahra Jones, with his wife Iman, and a son, Duncan Jones, with his first wife, Angie Bowie.
Duncan is believed to have received his inheritance straight away, but Alexandria would have to wait until she turned 25 to inherit her money.
In 2018, Iman and her daughter got tattoos to pay tribute to Bowie on the second anniversary of his passing, and it's clear that he's still missed greatly by his loved ones.
ALLEGRA VERSACE IS THE HEIRESS OF A MASSIVE FASHION FORTUNE
Allegra Versace is the niece of the company’s founding designer Gianni Versace (and the daughter of Donatella Versace and Paul Beck) and she was named as the heiress of her uncle’s share of the company when she was just 11 years old. According to MSN, her fortune, according to The Richest, is estimated to be around $800 million, but she chooses to live her life away from the public eye because she did not want the fame.
“Above all, I wanted one thing – to be no one, to not be recognized, not be hunted down,” Allegra told La Repubblica in 2011, the publication notes.
KANYE WEST IS BELIEVED TO HAVE SET UP NORTH’S MULTIMILLION-DOLLAR FORTUNE WHEN SHE WAS A BABY
Kim Kardashian and Kanye West’s children are incredibly famous, and even now, their oldest child, North West is making headlines for her stylish wardrobe. She seems destined to follow in her fashionable parents' footsteps, and if she chooses not to, well, she should be taken care of financially anyway.
The Kardashian West children are accustomed to a privileged life, and according to Hollywood Life, West set up a trust for his daughter worth $10 million, which she can access when she is aged 21. At the time of the report, the two were only parents to North, but if the report is true then West will surely do the same for his other two children.
ROBIN WILLIAMS WANTED TO SECURE HIS CHILDREN’S FUTURE WITH A TRUST FUND
Robin Williams wanted to secure his children’s financial future, and in 2009 he created a document to ensure that Zelda, Zachary, and Cody were all taken care of. According to The Mirror, the money will be given out in three stages, the first requires that each child needs to be aged 21, and upon which they would receive a third of their settlement — at the time of his passing, all three of his children were older than 21.
They could receive the next installment of their money after age 25, and then the remainder upon turning 30.
SALMA HAYEK’S DAUGHTER MIGHT ALREADY HAVE A HOUSE IN HER NAME
Salma Hayek is a well-known actress, and there is no denying she is an extremely successful woman in her own right, but she is also married to billionaire businessman Francois-Henri Pinault, with whom she shares a daughter, Valentina (to whom she gave birth in 2007).
Growing up with such financially secure parents would suggest that Valentina lives a privileged life, but does not imply that she will stand to benefit from a trust. However, the publication notes that her parents purchased a house in her name when she was younger, and it is estimated to be worth $12 million.
ELTON JOHN’S COMMENTS FOR HIS BOYS SOUNDS LIKE HE’S ON THE FENCE ABOUT A TRUST FUND
Elton John doesn’t want his sons, whom he shares with husband David Furnish, to be given a silver spoon, but he also wants them to be taken care of financially, and for this reason, he seems to be on the fence about whether or not he wants to leave them with a trust.
This is what he has to say on the topic of money, and work. “Of course I want to leave my boys in a very sound financial state,” he told The Mirror (via The Telegraph). “But it’s [not good] to give kids a silver spoon. It ruins their life. Listen, the boys live the most incredible lives, they’re not normal kids, and I’m not pretending they are. But you have to have some semblance of normality, some respect for money, some respect for work.”
And here are the 10 celebs who refuse...
GEORGE LUCAS HAS PLEDGED TO GIVE HIS MONEY TO THOSE LESS FORTUNATE
Although there are many celebrities who intend to leave their fortunes to their children, George Lucas is not one of them. He does not intend to turn his four children into trust fund babies, and according to Bustle, he has signed The Giving Pledge, stating that he will donate his wealth to those in need, to do some good in the world.
While he does not intend to leave his children with nothing, unless they work hard, they are not going to be flying private jets either. According to The Hollywood Reporter, he said, “Money is a burden for people. I know my kids are not gonna be destitute but they’re never going to be able to afford a Learjet, unless they do it themselves.”
NIGELLA LAWSON WANTS HER CHILDREN TO WORK HARD FOR WHAT THEY NEED IN LIFE
Celebrity chef Nigella Lawson is a mother to two children, and she has spoken about how she doesn't want to leave her children with a fortune because it will be to their detriment. Instead, she wants them to work hard for what they want, and achieve something for themselves.
In an interview with My Weekly (via Daily Mail) she said: “I am determined that my children should have no financial security. It ruins people not having to earn money. I argue with my [now ex] husband Charles [Saatchi] because he believes that you should be able to leave money to your children. I think we'll have to agree to disagree."
ROONEY MARA COMES FROM A FOOTBALL FORTUNE BUT HAS STATED SHE DOESN’T HAVE A TRUST FUND
Rooney Mara and her sister Kate Mara are well-known in the entertainment industry, but not many people realize that they come from a very privileged family — she is from a football family, with Elle noting she is the great-granddaughter of the founder of the Pittsburgh Steelers (as well as a little team known as the New York Giants).
But Rooney is not a trust fund baby, despite the misconception about her being one. Her former director, David Fincher, once called her a “trust fund baby” in an interview, but it turns out he was being ironic. Rooney explained to Elle, "He was being ironic.” And no, she doesn’t have a trust fund.
STING FEELS A TRUST FUND WOULD DO HIS CHILDREN FAR MORE HARM THAN GOOD
Sting may love and care for his children, but he has no intentions of setting them up with a trust fund. He is the father of a large brood, but he has informed his children that they should work for what they want in life because there won’t be much money left for them.
“I told them there won’t be much money left because we are spending it,” he told Mail on Sunday (via Evening Standard). “We have a lot of commitments. What comes in we spend, and there isn’t much left. 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."
ASHTON KUTCHER AND MILA KUNIS SAY TRUST FUNDS ARE A BIG NOPE
Ashton Kutcher and Mila Kunis are parents to two children, and although there is nothing in the world they love more than their kids, that doesn’t mean they want to set them up with trust funds. Nope, these kids are going to work for what they want.
On an episode of Dax Shepard's Armchair Expert podcast (via Babble), Kutcher shared his feelings on setting up his children financially. He explained, "I'm not setting up a trust for them, we'll end up giving our money away to charity and to various things.” He did, however, say that if they had a good business plan he would be willing to help them out, but they are “not getting trusts.”
SIMON COWELL’S SON IS HIS EVERYTHING, BUT HE WANTS TO LEAVE HIS WEALTH TO CHARITY
Simon Cowell has just one son, Eric, who he shares with his socialite partner, Lauren Silverstone, and he is truly a doting dad. But he is also a dad who has worked hard for everything he has achieved in life, and even if he is not always one of the most likable people in the world, there is no denying he is successful.
Cowell doesn’t intend to pass his wealth on to his offspring. Instead, he wants his fortune to do some good in the world. “I’m going to leave my money to somebody,” he said, according to The Mirror. “A charity, probably — kids and dogs. I don’t believe in passing on from one generation to another. Your legacy has to be that hopefully, you gave enough people an opportunity so that they could do well, and you gave them your time, taught them what you know.”
JACKIE CHAN SAYS HIS SON CAN ‘MAKE HIS OWN MONEY’
Jackie Chan wants his son, Jaycee Chan, to make his own way in the world. The father and son have had a complicated relationship, with the actor having to apologize for his son’s indiscretions in the past. But according to People, they appear to have reconciled, and he is quoted as saying that he feels his son has “matured this time,” and that the pair had a good chat.
Chan has also been quoted by Channel NewsAsia (via Metro) as saying that when it comes to money, his son must be capable of earning it for himself. “If he is capable, he can make his own money. If he is not, then he will just be wasting my money,” he said.
JADE JAGGER, DAUGHTER OF ROCK AND ROLL STAR MICK JAGGER, SAYS SHE IS NOT A TRUST FUND BABY
Mick Jagger has been an incredibly successful musician, and he is well-known for his work with The Rolling Stones. He is also a father to several children, and if you think that they have benefitted from his fortune, at least in the form of a trust, well then you’d be wrong — at least in the case of Jade Jagger, who despite being born into a world of privilege claims not to be a trust fund baby.
"I'm not a trust-fund child," she said, according to Irish Independent. "I think that my father's got a healthy work ethic, and therefore, I think that it just came with the part, you've got to look after yourself. And it probably came more so from having kids. And wanting to support them, and look after them and give them the best I could."
ROCKER GENE SIMMONS WON’T BE GIVING HIS KIDS A HANDOUT
KISS frontman Gene Simmons is a father to a son named Nick Simmons, and a daughter, Sophie Simmons, whom he shares with wife, Shannon Tweed. Simmons has earned respect, admiration, and a lot of money from his work, but there may not be any left for his children.
Not that he doesn’t want them taken care of, but if they want to be rich, he feels they have to work for it. Bustle quotes him as saying that he may give it all away, adding, “There’s gonna be a yearly allowance so that their rent and their food and all that stuff’s gonna be taken care of, but if you wanna riches, you should do that yourself... I don’t [want] them to say, 'Thanks, dad, for making me rich.’ No, you wanna be able to stand on your own two feet and say, 'I did that.'"
TESS DALY DOESN’T WANT TO TURN HER KIDS INTO ‘SPOILED BRATS’
If you were in a position to give your children a trust fund, that doesn’t mean you would want, as Tess Daly explains.
She’s the host of the popular dancing show Strictly Come Dancing, and has been since 2004, and she’s married to another English television presenter, Vernon Kay. Together, the pair has two daughters, whom Tess does not intend to set up trust funds for. According to the Irish Mirror, she said, "I'm not in a financial position to provide for my children's future, but even if I could, I wouldn't want to. You can't make life too easy, because you remove their will to succeed.”
The publication notes that Daly feels that leaving an inheritance to her children would turn them into “spoilt brats.”