Sinclair Prosser Gasior
By Beth Burgee
November 5th, 2024
Estate planning is often seen as a dry, practical task – necessary but not much fun. However, Jennifer Lynn Barnes’ gripping novel, The Inheritance Games, brings the intricacies of estate planning to life in a thrilling, albeit inaccurate, narrative.
This young adult mystery centers on Avery Grambs, a teenager who unexpectedly inherits a vast fortune from Tobias Hawthorne, a billionaire she has never met. Avery’s journey is full of twists and turns, and although there are some inaccuracies when it comes to the portrayal of estate planning, there are also some lessons to be derived. Now if you are planning on reading The Inheritances Games, do not worry. I promise this will be spoiler-free.
1. The Importance of a Clear and Detailed Plan
In The Inheritance Games, the late Tobias Hawthorne leaves behind a will that surprises everyone. Avery’s unexpected inheritance leads to tension and conflict among the Hawthorne family members, who feel they have been unfairly disinherited. This underscores the importance of having a clear and detailed estate plan that will minimize confusion or even disputes. Clearly articulate your plans to avoid misunderstandings and ensure your assets are distributed according to your wishes.
2. The Power of Trusts
Tobias Hawthorne’s estate plan includes various trusts designed to protect and manage the assets for future generations. Trusts are powerful tools in estate planning, offering benefits like privacy, asset protection, and tax advantages. Consider setting up a trust to manage and protect your assets, especially if you have a substantial estate or specific wishes for how your wealth should be used.
3. Planning for Contingencies
Avery’s story demonstrates the unpredictability of life. Estate planning should account for unexpected events. Include contingencies in your plan to cover scenarios such as changes in family circumstances or financial situations. However, your documents may not be able to account for all contingencies simultaneously. It is important to review your plan with your estate planning attorney when you have changes in circumstances.
4. The Role of a Fiduciary
In The Inheritance Games, the role of the personal representative is crucial in carrying out Tobias Hawthorne’s wishes. Choosing the right personal representative, or trustee if you elect to establish a trust, is vital for the smooth administration of your estate. Select someone trustworthy, capable, and willing to handle the responsibilities of administering your estate.
