Estate Planning Lessons from Downton Abbey

A recent article from The Wall Street Journal offered “Money Lessons from Downton Abbey.”  The popular British drama that takes place in the early 20th century recently ended its third season, but more important than providing entertainment, it can apparently offer valuable estate planning advice.  While it is a period drama and work of fiction, its themes of familial relationships and financial debacles make the PBS program a cautionary tale for families planning their own estate.

Downton Abbey presents the story of a wealthy British aristocrat with three daughters, but no male children to whom he must leave his estate under British property laws of the time. The next two potential male heirs on the list meet a tragic end aboard the Titanic, making the issues surrounding estate planning central to the plot.

So, what are some of the biggest lessons in estate planning to be taken away from the folks in Downton Abbey?  Author Kelly Greene offers many important pieces of advice, but when it comes to planning for your family’s future, the following three are a must.

Utilize trusts to protect your assets.  Trusts can protect your financial future from uncertainty by guarding against poor money management, divorce settlements and family members, who, like the earl in Downton Abbey, may be known to squander money. While we don’t want to “spoil” the third season for those who haven’t yet tuned in, Greene points to an estate planning error that occurs, putting the financial future of a family in jeopardy.

Greene also argues that Downton Abbey points to the important advice of having a will in place before one gives birth.  Expectant parents should secure their estate with wills, trusts and a power of attorney to protect the financial future of the unborn child.

Similarly, Greene states that Downton Abbey presents a strong case for setting up a medical directive which describes your medical wishes should you become incapacitated, and includes the naming of a healthcare proxy to make decisions for you.

Ultimately, the conflicts and drama of Downton Abbey make great television, but no one wants to experience those estate planning nightmares firsthand. Learn from the fictional past and create your own estate plan today.