Jackie Chan's plan for his fortune

Do you have a plan like Jackie Chan? The famous actor has reported that he will not leave any of his $400 million pound fortune to his son.

Jackie has written in his autobiography that he plans on leaving his entire estate to charity and that his son will receive nothing under his Will when he passes away. Jackie has said that his son should earn his own money and “if he is capable, he can make his own money. If he is not, then he will just be wasting mine."

This has caused a large debate online, with many parents agreeing with Jackie’s sentiment that their children should have to work hard for their money and not be handed everything on a plate, whereas others have said that Jackie’s decision seems quite harsh.  It seems like the only winner is the charities which are due to inherit the fortune!

One thing to remember, either way, is that you should execute a will to detail who you would like to inherit your estate.  If Jackie did not leave a will, then under English Law, his son would have received part of his estate when he passed away.  The charities would therefore not have received anything.

It is also important to keep your will up-to-date with your wishes as your financial and family circumstances change over time, to ensure that your loved ones are well provided for.

Several celebrities have also put in place certain conditions on their children in order for them to inherit a share in their estate, for example, the following:-

•  Must be aged 25 before they can inherit

•  Must get a degree

•  Must stay drug-free

•  Must learn to drive

It is important to consider whether or not you would like to leave anything to your children and whether they are financially dependent on you.  It could be that if they are financially dependent on you during your lifetime and you choose to leave them nothing under your will, that they try and contest your estate under the Inheritance (Provision for Family and Dependants) Act 1975.  The reason for this is that children are listed under the potential categories of claimants and they could try and claim against your estate.

It is therefore important to seek professional legal advice when executing a will because our will specialists can let you know the legal implications of how you leave your estate.

If you would like to put in place a will, please contact one of our will specialists.  I am based in our Colchester office and can be contacted on 01206 217609 or leah.woodlee@birkettlong.co.uk.