Philip Seymour Hoffman's kids not in his will

Philip Seymour Hoffman said a trust fund would spoil his kids


Philip Seymour Hoffman death

After Philip Seymour Hoffman's tragic death in February, details of his will have emerged. The actor decided not to leave anything to his three children - because he didn't want them to be considered 'trust fund kids'.

He's not the first multi-millionaire to take this approach.

Hoffman died of a suspected drugs overdose in February this year at the age of 46, leaving an estimated estate of $35 million. The New York Post reported that he decided to leave it all to Mimi O'Donnell, his long-term partner and the mother of his three children Cooper aged ten, Tallulah aged seven and Wilma aged five.

The will, which was written after the birth of Cooper and before the birth of the two girls, also stipulated that he wanted his son to be raised in Manhattan, Chicago or San Francisco in order to have a chance to enjoy the culture that the cities offered.

The details emerged in a Manhattan Surrogate Court filing, which has been automatically begun as the court has a duty to check that the arrangements made for the children are in their best interests.

His accountant told the court he suggested to the actor that he could leave money to his children in a trust fund, but that Hoffman had rejected the idea because he didn't want to spoil them by making them 'trust fund children'.

He added that O'Donnell, a costumer designer, had been with Hoffman since 1999, and that the actor considered her to be a spouse in all but name, as he didn't believe in marriage. The accountant said he recalled Hoffman saying he was certain O'Donnell would take care of her children.

In this instance, it seems simply that Hoffman wanted the children's mother to hold the purse strings, so they could have a normal upbringing. However, there are plenty of famous millionaires who have decided that their children should not inherit a penny at all - on principle.

Philip Seymour Hoffman Reportedly Didn't Want His Kids Having A Trust Fund: Court Filing

No inheritance

In June, Sting said he wouldn't be leaving his six children a trust fund. He said he was in the process of spending his fortune, but that in any case he believed a trust fund would be an albatross around their necks, preventing them from achieving anything for themselves in life.

In September last year Simon Cowell said he wouldn't be leaving his £225 million to his child, because he didn't believe people should be able to inherit their way to the top. He said all he would offer his son was the chance to do his best: the money would be going to charity.

Dragon's Den star Duncan Bannatyne has said something similar, adding that he feels that making his children rich without them having to work for it would ruin them for life.

Bill Gates has already pledged to give the vast majority of his fortune to charity rather than his three children. With all his billions in the bank, it's hard to imagine they will go without, but says he wants them to have an opportunity to appreciate that their own work is meaningful.

One of the most famous examples was Anita Roddick who died in 2007 and made good on her promise to leave nothing to her children. She gave away her £51 million to fund causes she believes in, and her children came out in support of her decision.

However, as we reported at the end of this year, former Dragon's Den occupant Theo Paphitis isn't one to take this approach. He said at the time that it would be cruel to deprive the children of the luxuries they had grown up to expect. He added that he loved them , so why shouldn't he support them?

But what do you think? Would you leave a fortune to your kids if you could, or would you be worried it would spoil them?