ACTEC Law Journal
Abstract
Probated in 1616, Shakespeare's Will is surprisingly relevant today. Two daughters survived him, but his only son died at age 11. Wife and daughters could not inherit a business in the theater, so he made changes in structure of the businesses he owned, and reallocated assets to accommodate the loss of his male heir. Shakespeare left no autobiographical information, but by examining his legal documents, we see him shift a thriving business, dependent on the unique talents and active participation of its founder, to passive assets in modified entity structures and generate an income stream for female descendants. Changes made to the Will just before signing further protected his daughters. We also examine business succession, when unexpected loss occurs or in fraught economic and political circumstances, in the plays, focusing on King Lear. Lear leaves his business/kingdom to the daughters who flatter and pander to him and cuts off the only one with the character and skills to succeed. The paper encourages looking beyond the minutiae of modern transactional planning; instead, to reflect on the human aspects of a smooth family business transition between generations. Examining unavoidable problems of family dynamics and character flaws in the plays provides a new perspective and insight into preserving value in a modern business. Arguably, no one was ever better at capturing human emotions in written word than Shakespeare. But some lawyers find it easier to be a scribe than a counselor. This paper is intended to inspire, entertain, and encourage a fresh look at common problems for contemporary business and estate planners.
Recommended Citation
Amann, Leslie Kiefer
(2024)
"Shakespeare, Succession, and Estate Planning:Lessons from the Bard,"
ACTEC Law Journal: Vol. 49:
No.
3, Article 2.
Available at:
https://scholarlycommons.law.hofstra.edu/acteclj/vol49/iss3/2
