World famous contemporary composer Andrew Lloyd Webber’s fortune is worth £750 million, or $1.3 billion USD, and while you can’t take it with you, he feels you don’t have to let your kids have it, either. With the idea that his children should make their own way in the world, Lord Lloyd Webber won’t be leaving any of his huge fortune to any of his five children.
The composer said he feels it is much more important for them to have a solid work ethic and earn their own way in life.
Lord Lloyd Webber revealed that his thoughts began to turn to his will around the time of his 60th birthday in March.
He has two children - Imogen, 31, and Nicholas, 29 - from his first marriage to Sarah Hugill, and three with his current wife Madeleine, Alastair, 16, William, 15, and Isabella, 12.
In a bid to avoid his children growing up like many celebrity offspring who regularly feature in the tabloids partying and drinking with their parents’ money, Lord Lloyd-Webber wants his kids to learn how to earn a living.
He said: ‘I don’t believe in inherited money at all and they aren’t bothered. They don’t think that way.’
[From The Daily Mail]
If his children truly don’t care, that’s fantastic, and very rare. It would speak volumes to his and his wives’ parenting. Lloyd Webber acknowledges that he certainly has and will give his kids a start in life, but they won’t be riding his black tie coattails after he’s gone. He even goes as far as to say he won’t be leaving the helm of his company, the Really Useful Group, which produces Lloyd Webber musicals and owns a few London theatres, to any of the children, either. He intends to leave the “problem” of who to put in charge to his wife.
He said: ‘It is extremely likely that my wife Madeleine will outlive me so I will leave the problem with her.
‘It is so unusual that it’s a family company and I think the question is who runs it. I think it is unlikely that I want to see it caught up with family. Even if family have a connection with it, it should be about putting something back into the theatre.
‘We could use the royalties to encourage everything from bursaries to young artists and composers.
‘I feel I owe a debt and that is very largely due to the success not only in Britain but also the rest of the world.’
[From The Daily Mail]
I respect his passion for his art and his dedication to perpetuating the craft, but I keep trying to put myself in the shoes of any one of Andrew Lloyd Webber’s kids and attempt to see how I would feel about this decision. As much as I’d like to think I would be fine with being removed from my father’s will or even on the other side, removing my children from my will, I wouldn’t. I’m not greedy, and I’m all for making your own way in the world, but there have inevitably been hassles associated with being the child of someone so well known, and I guess I look at it the same way I would a spouse being taken care of after his passing. It would be nice to know that the sacrifices made as a family would be rewarded at least a little bit. Maybe just £5 million a piece… that’s chump change! There’s plenty to go around with £750,000,000.00.
Andrew Lloyd Webber and Madeleine Lloyd Webber are shown arriving at Bentley’s restaurant on St Stephens Green in Dubllin, Ireland on 9/19/08. He is also shown at a musical event for his 60th birthday in Hyde Park on 9/14/08. Credit: WENN
