"I'm going to leave my money to a charity probably — kids and dogs," he says.
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"I don't believe in passing it on from one generation to another.
"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," he told Esquire magazine.
Simon is expecting his first baby with 36-year-old socialite Lauren Silverman. The 53-year-old isn't daunted by becoming a dad in his Fifties, he says. "The fact that it can happen at this time of my life is fantastic, maybe a miracle."
In fact, the reality show boss insists he can still be hip, despite being an older dad. He says: "You can be cool as you get older if you're (a) successful and (b) you can relate to younger people without acting like an idiot. But don't dye your hair."
The star is overjoyed at the prospect of fatherhood. But there are certain aspects of caring for a baby in which he won't be getting involved.
When asked about nappy changing duties, he replied: "I'm not doing that, 100 per cent absolutely not going near that. " And when questioned about whether he would delegate to someone else, he said: "Of course."