|
Lessons
Learned from The Whale
Like many people of a certain age, I was gladdened to
learn that Brendan Fraser won Best Actor at this year’s Academy Awards.
Fraser is truly one of Hollywood’s good guys who just couldn’t catch a
break for a while. His comeback is evidence that, every now and then, the
good guys can actually come out ahead.
So, with that in mind, we sat down to watch The
Whale last Sunday, and wow, what a film and what a performance from
everyone involved, but especially Fraser as Charlie and newcomer Sadie Sink
as his daughter, Ellie. Keep an eye on her as she has a brilliant future
ahead.
As stated by IMDB, the film’s premise is that a
“reclusive, morbidly obese English teacher attempts to reconnect with his
estranged teenage daughter.” That’s all true, but it only touches the most
superficial level. It’s about that but much, much more.
In one scene, midway through, the film touches on an
inheritance. So, it raises the question: what can we learn from The
Whale? Beware, moderate spoilers lie ahead.
In the film, Fraser plays Charlie, a morbidly obese,
housebound middle-aged man whose sole friend is, Liz, played spectacularly
by Hong Chau. To Charlie’s luck, Liz is also a nurse and acts as his
informal caregiver. During their interactions, we learn that Charlie: - Is of very modest means;
- Never leaves his apartment;
- Is morbidly ill;
- Will not seek medical help because
of the cost; and,
- Likely will die within days.
Knowing his days are numbered, Charlie attempts to
connect with his estranged daughter, Ellie. She is very hard on and
dismissive of Charlie whom she resents for abandoning the family when she
was eight. In their interactions, we learn that Charlie’s sole asset is a
bank account with $120,000 and that he wants to ensure that the money goes
to Ellie on his death.
We also meet his ex-wife, Mary, played by the
wonderful Samantha Morton, who apparently has a drinking problem. Charlie
and Mary have an intimate dynamic of people who once cared for each but
really don’t fully trust each other anymore. Charlie reveals his desire to
leave his bank account to Ellie, to which Mary balks arguing that she’s
just too young. She says that Ellie will just spend the money on “face
tattoos and ponies”.
Mary has a point, here, though. Leaving large sums of
money to teenagers is seldom a wise idea.
So, how can Charlie accomplish this goal through
estate planning?
Create
a Trust
Charlie can create a trust and name Ellie as the
beneficiary. By doing so, he can ensure that the money is protected and
used for her education, healthcare, and other essential expenses. When she
attains a certain age, usually stated as 25, then the remaining principal
and interest will be disbursed to her. The most likely trustee usually
would be Mary, however, Charlie doesn't want his ex-wife to be in control of
the funds, as he doesn't trust her, and she has her own issues with alcohol.
Appoint
a (Trusted) Trustee
To address his concerns, Charlie can name his sole
friend, Liz, as the trustee of the trust. The trustee will have the
responsibility to manage the trust and ensure that the assets are used for
Ellie’s benefit as per the terms of the trust.
By naming his Liz as the trustee, Charlie can ensure
that the funds are managed by someone he trusts, who is responsible, and
who has his daughter's best interests at heart. The trustee will be
responsible for managing the funds and making decisions about
distributions, ensuring that the money is used for its intended purposes.
Include
Specific Terms in the Trust
To ensure that the funds are used for his Ellie’s
benefit and not misused, Charlie can include specific terms in the trust.
He can specify that the funds are to be used only for her education,
healthcare, and other essential expenses until she attains a certain age,
usually 25.
He can also include provisions that limit the amount
of money that can be withdrawn from the trust at a time or require the
trustee to seek court approval before making significant distributions. By
doing so, Charlie can ensure that the funds are used for the intended
purposes and prevent any potential misuse of funds.
Conclusion
In the end, none of this is done and, well, I’m not
going to give away the rest of the plot. The ultimate disposition of the
money, though, is never resolved.
Charlie should have consulted with an estate planning
attorney. Any legal fee would have been a fraction of the $120,000 he had
amassed. In the end, it would have ensured his goals, given him peace of
mind, and taken care of Ellie. The Whale is proof that Estate
planning isn’t just for the rich.
***
This article is provided for informational purposes
only and is not intended as legal advice. For further inquiries, please feel
free to contact me at the email or telephone listed below.
|
Comments
Post a Comment
Please no profanity or political comments.