With the Academy Awards coming up this weekend, it seems like an ideal time to talk about some of the estate planning themes present in "The Descendants," which is nominated in five categories.
The film has been praised for its multifaceted view of family relationships. George Clooney portrays a wealthy trial attorney, Matt King, who is forced to examine relationships with his immediate family, extended relatives, and ultimately look back to his ancestors who settled in Hawaii. A sub-plot of the film is King's struggle as the trustee of his family's dynasty trust, which is coming to an end soon.
The family trust owns a prime acreage of Kauai oceanfront, and Clooney must decide between selling the land or keeping the land in the family somehow. The legal issues, though based on Hawaii state law, surrounding the trust are quite accurate.
Although Houston's estate laws are different than those of Hawaii, the film dramatizes several very important estate planning issues that may be of importance to Houston residents.
? Trusts: Throughout the film, King struggles with decisions about the trust. One troubling issue with this trust is that it is a long-term trust, which makes it difficult to for the beneficiaries to discern the wishes of the person who drafted the trust. The legal issues of how long a trust can last and joint-ownership of land also are presented in this film. Joint ownership of land can be very difficult because when a trust awards land to multiple people, it is often very difficult for them to agree on how to proceed. The lead character also struggles with the issue that he and his cousins did not do anything to earn the wealth that they have inherited. Many of these issues can be examined during estate planning in order to mitigate several of these problems.
? End-of-life planning: Another lesson present in the "The Descendants" is the wisdom of having a living will. A living will provides instructions to health care providers about your preferences for end-of-life care. Preferences about resuscitation and other efforts to prolong your life can be detailed in a living will.
Source: Forbes, "'The Descendants' Buries Estate Planning Lessons in George Clooney Drama," Deborah L. Jacobs, Feb. 23, 2012
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