An Estate Planning Lesson from Downton Abbey

***Spoiler Alert for Season 4, Episode 1***

If you’re a fan of the show Downton Abbey, you know how important estate planning can be.  The family employs a battalion of butlers and maids, but what they really need is an estate planning attorney.  The plot has demonstrated several instances of how an estate plan – or the lack of a plan – can wreak financial and emotional havoc within a family.

Season 4 opens several months after the death of Matthew Crawley, who inherited a large share of the Downton Abbey estate in Season 1.  Matthew was relatively young.  He was a new parent, who had little reason to expect that he would need an estate plan any time soon.  It appeared that he had not created a plan, and as a result, his wife, Mary, would have only a limited lifetime interest in his assets.  The majority of the assets would pass to Matthew’s son, George.  The family was in an uproar.  Everyone felt bad for Mary, believing that Matthew certainly intended her to inherit his interest in Downton.

Matthew’s will was eventually found.  It left everything to Mary, drastically changing what would have happened under England’s default law of intestacy.  When Matthew’s mother was asked if she was glad that Mary would inherit Matthew’s assets, she replied that she was simply happy that “he had finally been heard.”

When a person passes away without an estate plan, the laws of intestacy apply.  The state has an order of preference for who receives your assets, based on what most people traditionally want.  For example, under Oregon law, if you are married, your assets would generally go to your spouse.  If your spouse was not living, then the assets would go to your children (if any), then to your parents, etc.  However, there are twists to this seemingly simple law.  If you are married, but have a child with someone other than your spouse, half of your assets go to that child and only half go to your current spouse.  Whatever you really wanted, that was probably not it!  The law is complicated, with many exceptions and loopholes.  That’s why I offer free consultations – so that potential clients may better understand their relevant estate planning circumstances and may make an informed decision about what action they need to take, if any.

Another important facet of an estate plan is the explanation of a person’s wishes.  Even if a family thinks they know what a person wanted, they may not have the legal ability to accomplish those wishes without an estate plan.  There is value in giving loved ones the peace of mind of knowing they are carrying out a deceased person’s true wishes.  This can also prevent much bitterness within a family.

Sooner or later, everyone needs an estate plan.  Thankfully, for the vast majority of us, it is later.  As demonstrated in the recent Downton Abbey episode, ignoring estate planning can have significant unintended consequences.