People in New Jersey typically leave their financial assets to their children and grandchildren. However, some people who are passionate about a cause or charitable organization may choose to donate all or part of their estate. Fortunately, through estate planning, people remain in control over where their money goes after they die.
Although wealthy celebrities often leave their fortunes to their children, TV star Simon Cowell said he plans to donate his financial assets instead. It is unclear whether his entire estate will be given to charity, or if he plans to set aside some money for his son, who has not yet been born. Even if Cowell’s son does not become his heir, it is likely that he will benefit from some of the perks of being the son of a well-known TV personality.
According to the TV star, his fortune will be used to help children and dogs, but it is unknown whether he has any specific charitable organizations in mind. Because his plans are somewhat open-ended, it is possible that he will change his mind about giving his fortune to charity.
Even though people who choose to donate their fortunes to charity often receive a lot of attention, about 97 percent of United States citizens choose to leave their fortunes to their descendants.
It is important for people to decide whether they’d like for their money to be given to their family, charitable organizations, or some combination of the two. An attorney can help people prepare their estate planning documents.
Source: CNBC, “Simon Cowell says he won’t leave his fortune to his son,” Robert Frank, Sep. 6, 2013