A Lesson From The Bard On Estate Planning

A Lesson From The Bard On Estate Planning

October 14, 2024

By Melinda Gustafson Gervasi

Red taillights sprawled in front of us as we headed east along Wisconsin’s Highway 14.  It was after 10pm on a Sunday evening, and we were one of the many couples who had made the annual journey out to American Players Theater in Spring Green, Wisconsin.  As the road entered into the more populated suburbs it widened into two lanes and my breathing eased just a bit, as it always does when I leave a highway known for its deadly accidents.  High speeds, deer running about at night, and an undivided highway make for a tense drive.  Especially having just watched King Lear; a play where nearly every character dies in the end.

It was a night out for my husband and I.  Our teenagers were at home, focused on their homework with a simple pasta dinner.  Yet, sitting there under a night sky dotted with stars, my mind could not quite relax into the moment.  Instead it dashed about, just like the bats flying around the stage lights at this picturesque outdoor amphitheater situated in the woods of South Central Wisconsin.  As the three act play unfolded, my work brain kept kicking in.  I’ll blame Shakespeare...

The Stage at APT - Image by M. Gustafson Gervasi 2024

King Lear may have been written in 1604, however, it’s full of modern estate planning concepts.  It opens with the King directing his three daughters to state their love for him.  Two daughters comply, professing their love and devotion in front of an audience that senses their deception.  Lear’s third daughter, Cordelia, refuses to engage in such behavior and remains silent.  Her silence causes Lear to fly into a rage.  He banishes Cordelia and divides his kingdom between his other two daughters, Goneril and Regan.   Listen closing and you will hear the words of my profession: heir, issue, perpetual, and disclaim.  You will also witness the pain and suffering a parent may experience when they relinquish control of their assets to dishonest children.  Lear’s plan failed to unfold as he hoped, and he found himself descending into madness while wandering around in the middle of a horrible storm. Oh King Lear, why did you not consult your lawyer first!

If you would like to minimize the level of Shakespearian drama in your own estate plan, avoid copying King Lear.  Quite simply, do not make a plan when you are emotional.  Here are three simple ways to keep the emotion low, resulting in a sound estate plan that you will be content with:

• Gather information on your family, assets, liabilities and goals.  At my office I accomplish this through a client questionnaire.  The form helps my clients capture information and feelings about their estate plan.  
• Sketch out a draft of your plan, then pause to reflect on how it feels.  With my clients we meet initially to review their questionnaire and determine what documents they need and what the forms should say in order to accomplish their goals.  This meeting is followed by a second meeting held a week or two later.  Then I walk them through the forms paragraph by paragraph.  They can ask questions, and they can make edits.  It is the perfect time to dial back the emotion and drama a hastily made plan can generate.  
• About 10 to 14 business days later, finalize your estate plan by executing it in the presence of witnesses (each state in America has its own witnessing requirements – make sure you follow the correct laws).   

In play parlance, this would be three acts.  One, setting up the situation by gathering your thoughts and goals on estate planning.  Two, rising action where you see those thoughts on paper and decide whether to move forward or get out the eraser.  And three, the resolution of the situation by ending with a legal execution of the paperwork.  

Thank you for reading.  Keep in mind that a blog post is not legal advice.  It is meant to spark thought, reflection and conversation.  Always consult a licensed attorney in your home state for advice specific to your situation.  Be well and may your estate plan end in a less tragic way than King Lear's.