Lessons Learned from The Whale

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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.

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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.