During the snowy season, it is common to spend a lot of time inside by the fireplace reading a book, playing board games, or watching movies. Fantastic movies such as “Mr. Deeds,” “Knives Out,” and even the Disney classic, “The Aristocrats” feature elements of estate planning. While watching these movies or other movies that touch on the topic of estate planning, we noticed there are many instances where estate planning is portrayed inaccurately. It is important to know the difference between fact and fiction.
In many films including the brilliant mystery, “Knives Out,” either an attorney or family member will read a will out loud for dramatic effect. While this creates great cinematic suspense, Wills do not legally have to be read out loud to all your relatives. The executor of a plan will typically be the one to read and carry out these responsibilities. During the scene where Harlan’s Will is being read, it is quite noticeable that his Will is only one page. Technically, there is no law against Wills being only one page, but considering Harlan had a plan created by an attorney, the plan left behind should have been more comprehensive.
“Mr. Deeds” is a hilarious comedy movie starring Adam Sandler. The movie shows the importance of having an estate plan through Preston Blake’s mistakes. Preston Blake was a billionaire who intended on passing down his multibillion-dollar company to his grand-nephew “Deeds.” The error that the movie makes is that somehow multiple people end up inheriting billions of dollars without ever going to court or Preston Blake ever drafting an estate plan. With the wealth that Preston Blake has, he should have contacted an attorney and had an extensive estate plan outlining his wishes.
Lastly, “Aristocrats” is a film about cats that are left a large estate by their elderly owner to live in and own for the rest of their lives. While it may be silly to explain this, it is important to note that this inheritance could never be possible because cats, and any other pet for that matter, are considered property in the eyes of the law.
While watching these movies under a cozy blanket, enjoy the laughs and some popcorn, but please do not rely on fictional movies for your estate planning information. Give us a call so we can give you the answers you need to your estate planning questions.