Sting Cuts His Kids Out of His Will

moneyIt's understood that parents provide and care for their children until they reach adulthood. But what are the rules on funding your children's lifestyles even after they're no longer officially "children?" Maybe all parents can take a lesson from one of the world's greatest rock stars, because Sting recently revealed that his six children will not inherit a single cent of his $300 million estate.

The Police frontman will not be leaving his children trust funds, and said that they can expect to have to earn their own financial security.

Maybe all parents should have the same frank conversation with their children? It seems like it could all be for the best in the long run.

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Not all parents have Sting-levels of unbounded cash, but his thoughts still have some very credible merit. Said Sting:

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. Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have this work ethic that makes them want to succeed on their own merit"

There is so much value in having kids stand on their own two feet. Learning how to provide for themselves, developing a strong work ethic, and learning the worth of a dollar are all precious lessons.

As emotional as it may be to watch children succeed, and probably even fail, on their own, how else will they master their own skills? Subsidizing an adult child's way of living won't help them. And what are they going to make of themselves if they're sitting around waiting to get money out of you? 

Sting's pronouncement may be unpopular, but more parents should consider it!

How will you handle inheritances in your family?

 

Image via 401(k) 2012/Flickr

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