Two days after reports emerged that Simon Cowell is expecting a baby boy with New York socialite Lauren Silverman, the media mogul has revealed that his son will not inherit his substantial wealth, which is estimated at more than $350 million, Mirror reported.

Cowell is planning to give away the money to charity as he does not like the concept of inherited money.

“I’m going to leave my money to somebody. A charity, probably — kids and dogs. I don’t believe in passing on from one generation to another,” Cowell was quoted as saying by Mirror. “Your legacy has to be that hopefully you gave enough people an opportunity, so that they could do well, and you gave them your time, taught them what you know,” Cowell added.

Mirror pointed out that Cowell’s belief echoes that of composer Andrew Lloyd Webber, who also insisted, in a 2008 interview with the publication, that his children would not inherit his wealth.

“It is about having a work ethic - I don’t believe in inherited money at all,” Webber told Mirror at the time. “They’d have no incentive. I’ll give them a start but they ain’t going to end up owning my Really Useful Group.”

In the October issue of Esquire magazine, Cowell, 53, opens up about being an older father saying he believes he can be “cool” as he will be able to “relate to younger people without acting like an idiot.”

“But don’t dye your hair,” Cowell said.

While Cowell is confident about his parenting capabilities, one task that he is not looking forward to is changing dirty diapers. In an interview with BBC Breakfast, Cowell said that he is going to delegate the job to someone else.

“I'm not doing that, 100% absolutely not going near that," he said on the show.