Philip Seymour Hoffman didn’t believe in trust fund kids

Philip Seymour Hoffman had plenty of money to leave to his children, but apparently he did not want them to have control of it. His reasoning for it was not a lack of love, but rather that he “did not want his children to be considered ‘trust fund’ kids,” according to the New York Post.

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According to the newspaper, Hoffman’s estate was worth around $35 million when he died, but he hadn’t updated his will since October 2004.

Mimi O’Donnell was Hoffman’s girlfriend and mother of all three of his children. Ten-year-old Cooper, 7-year-old Tallulah and 5-year-old Willa were not given any of the estate, which was willed entirely to their mother. Hoffman trusted O’Donnell to be in charge of the money allotted to their children.

Cooper was named as the backup in case O’Donnell was no longer around.

Photo credit: FayesVision/WENN.com

The information obtained by the NY Post was from an interview conducted with Hoffman’s accountant, who said the actor was confident that O’Donnell would take care of their children but “summarily rejected” the idea of setting up a trust fund for his children.

It was previously revealed that Hoffman had asked that his children be raised in one of three cities (but not Los Angeles).

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Hoffman’s sentiments aren’t that rare among stars these days. Back in June, singer Sting also told the Daily Mail that he has the same outlook for his children.

“I told them there won’t be much money left because we are spending it,” Sting said, according to the LA Times. “They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate.”