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22:13 +11:00, 7 October 2008
Andrew Lloyd Webber has revealed he does not plan to leave his £750million fortune to his children.
The composer said he believes 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.
He is unsure who will take charge of his Really Useful Group company, which he set up in 1977
and owns several London theatres and produces many of his stage shows.
He said: 'It is extremely likely that my wife Madeleine will outlive me
so I will leave the problem with her.
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.'
Lord Lloyd-Webber is the latest celebrity to announce he won't be leaving all his money
to his children.
Andrew Lloyd Webber, the English composer of musical theater, has an estimated net worth of $1.2 billion.
Born in Kensington, London, he earned his net worth through the composition of 13 musicals, a set of
variations, a couple of film scores and a Latin Requiem Mass.
His company, the Really Useful Group, is regarded as one of the largest theater operators in the UK,
particularly in London. Several UK producers have taken license from the Really Useful Group
and have staged productions and national tours.
Webber is the President of the Arts Educational Schools in London which is located in Chiswick.
Andrew Lloyd Webber has created a fortune of more than $750 million, thanks to a string of lucrative musicals -- but his kids
better keep their day jobs.
In an interview with the Mirror, Lord Webber states that his five
children will be seeing very little of his cash when he dies.
The composer says, "They aren't bothered. They don't think that way. It is about having a work ethic -- I don't believe in inherited money at all."
Smart man. Inherited money can cause a lot of grief. I have seen it in my own family;a brother-in-law who quit working in his forties waiting for his inheritance from his parents who had the gall to
use it for their own care. A cousin who blew his parents' life
savings on a business he knew nothing about. A close friend who now is struggling to make ends meet after flushing a large
inheritance on an poorly planned restaurant. Grandkids who
received money and stopped working the same year.
There is something about inherited money that makes people
lose their work ethic and think the money is endless. Like my
brother-in-law, it often accompanies a sense of entitlement that
becomes rigid and demanding. They spend their newfound
money with gusto, making decisions a lot quicker than if they had earned each and every dime.
I have already informed my kids that they better not count on
much from us. We plan to spend it. And if we do have some extra cash laying around, I'd rather help them a bit now; downpayment for real estate or paying off school bills. We have made it clear
that if you want to make a good living, you have to work hard.
That is the way the world really works.
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