For most people, the primary motivation behind creating an estate plan is to ensure their nearest and dearest are financially provided for after they pass. But British rock legend Sting (born Gordon Matthew Thomas Sumner) has a different — and somewhat surprising — philosophy.
Despite having amassed a fortune estimated to be in the hundreds of millions of dollars, the former frontman of The Police has made it clear that the bulk of his wealth will not be going to his children.
In a 2014 interview with the Daily Mail, Sting shocked the world by revealing he has no intention of establishing trust funds for his six children. Rather, he is adamant that his children forge their own paths.
“I certainly don’t want to leave them trust funds that are albatrosses round their necks,” he explained to the Mail. “They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate.”
Sting’s position may sound harsh to some — especially considering his reportedly close relationship with his children — but he’s far from alone in his thinking. He joins a growing list of high-profile figures, including Bill Gates, Warren Buffet, Mark Zuckerberg and Elton John, who have pledged to leave their children only a small fraction of their wealth to promote self-reliance and a strong work ethic.
“Obviously, if they were in trouble I would help them, but I’ve never really had to do that,” clarified Sting to the Mail. “They have the work ethic that makes them want to succeed on their own merit.”
Another factor behind Sting’s decision is the misconception about the liquidity of his financial resources.
“I told [my children] there won’t be much money left because we are spending it!” he said. “We have a lot of commitments. What comes in, we spend, and there isn’t much left.”
Sting revealed to the Mail that he employs more than 100 people, and that those financial obligations add up. Additionally, the rock legend’s legacy includes a noteworthy philanthropic streak — not only did he and his wife, Trudie Styler, co-found the Rainforest Fund in 1989, but he’s been involved with more than 40 charitable organizations throughout his career, according to Borgen Magazine. It’s not hard to imagine that a share of his estate may be earmarked for continuing that charitable work long after he’s gone.
While Sting’s position has earned him both criticism and admiration, it underscores a key legal truth. “If your estate planning goals stray from convention, it’s essential to clearly document them through a clear and enforceable estate plan,” says Roee Kaufman, a partner at Keystone.
