Over the years, I'm confident I have written over a million words, probably way more. But, I've never written a movie review . . . until now.
Last night, we went to see The Descendants starring George Clooney. The only reason I went is because Investment News magazine did their first-ever movie recommendation, urging wealth managers and trust officers to see the movie.
The law against perpetuities was well established under common law, going back to the 17th century in England. The general rule was that trusts must terminate not later than 21 years after the last person dies, who was living when the trust was created. It was later decided that the time would include gestation period, and the rule become "lives in being plus 21 years and 9 months. (There has been substantial changes in this general rule since the development of dynasty trusts.)
In the movie, George Clooney is a beneficiary of a large trust owning a large, valuable piece of real estate that needs to be sold soon, as the trust is coming up against the law against perpetuities and must distribute either cash or undivided interests in the parcel.
Because Clooney is the sole trustee of the trust, he is under pressure from his large extended families to make the decision to sell the property quickly.
And, Clooney's wife suffers a boating accident and is put on life support. Fortunately, she had executed a Physician's Directive or Living Will giving her husband the right to "pull the plug."
As a long-time trust officer who has settled many estates and managed hundreds of trusts, I was fascinated by the easy portrayal of complex subjects. Any person who sees this movie will have a better understanding of the law against perpetuities. They will better understand the importance of picking the right trustee, as trustees have so much power and responsibility. Lastly, they will have a more nuanced appreciation of why everybody should have a Physician's Directive.
Of course, I doubt many women need a recommendation to see George Clooney?
Last night, we went to see The Descendants starring George Clooney. The only reason I went is because Investment News magazine did their first-ever movie recommendation, urging wealth managers and trust officers to see the movie.
The law against perpetuities was well established under common law, going back to the 17th century in England. The general rule was that trusts must terminate not later than 21 years after the last person dies, who was living when the trust was created. It was later decided that the time would include gestation period, and the rule become "lives in being plus 21 years and 9 months. (There has been substantial changes in this general rule since the development of dynasty trusts.)
In the movie, George Clooney is a beneficiary of a large trust owning a large, valuable piece of real estate that needs to be sold soon, as the trust is coming up against the law against perpetuities and must distribute either cash or undivided interests in the parcel.
Because Clooney is the sole trustee of the trust, he is under pressure from his large extended families to make the decision to sell the property quickly.
And, Clooney's wife suffers a boating accident and is put on life support. Fortunately, she had executed a Physician's Directive or Living Will giving her husband the right to "pull the plug."
As a long-time trust officer who has settled many estates and managed hundreds of trusts, I was fascinated by the easy portrayal of complex subjects. Any person who sees this movie will have a better understanding of the law against perpetuities. They will better understand the importance of picking the right trustee, as trustees have so much power and responsibility. Lastly, they will have a more nuanced appreciation of why everybody should have a Physician's Directive.
Of course, I doubt many women need a recommendation to see George Clooney?
