Do you remember the Disney movie The Lion King? Of course you do.
What I’m about to tell you can be applied to both the 1994 animated version and the more recent live-action film.
The Disney movies I grew up with always had several subliminal messages and they always involved a tragic loss. Like Bambi or Nemo for example. On the surface (can I use that here?), Nemo is a cute story about a father trying to raise his only son in the great big ocean. But if you dive deeper (there it is), Marlon was a widower who lost everything—his wife and most of their family— and his son, who couldn’t stand his helicopter parent, risk-averse dad, was kidnapped and drug across the ocean. No wonder Marlon wasn’t funny.
You could say the Lion King was about courage, finding yourself, and all that. But at its core, this one is a story about one of the most important financial and life planning decisions any family can make: estate planning.
Yep, you read that right. Think about it, the Circle of Life.
The start of the movie is filled with talks of legacy and responsibility between an all-too-serious father and son who just wants to prove himself. Then, the sudden passing of Mufasa kicks off so many situations that I see on a daily basis in the world of estate planning.
Let me show you.
The Family Business
At the beginning of the movie, we see Mufasa as a powerful and benevolent king, ruling over the Pride Lands.
He was the heir to his own father’s kingdom which is why he so desperately wanted Simba to take this responsibility seriously. Mufasa knew that, at his rank, anything could happen, and he wanted to ensure his only son understood that this heirloom could easily be taken from their bloodlines and squandered.
Imagine the Pride Lands representing a family business.
While the kingdom represents his “estate,” encompassing everything he has grown and preserved. Mufasa knows that one day, this will all be passed down to Simba.
Estate planning 101.
Why do we do this kind of planning in the first place? It’s to ensure the continuity of what you’ve worked hard to build for is there for the next generation.
Mufasa doesn’t just let Simba run wild (pun intended); he educates him on the responsibilities of inheritance. “Everything the light touches is our kingdom,” he tells Simba, making it clear that with great wealth comes great responsibility. He is grooming his son to inherit not just land (assets) but a legacy.
This is the first key lesson: educate your heirs.
Nobody Wins When the Family Feuds
Every great story has an even better antagonist.
Personally, I can’t wait for the new Mufasa movie to drop in December so we can finally see Scar’s villain origin story.
Scar serves as a cautionary tale for so many scenarios. For one, forgetting to change your beneficiary could put what was supposed to be a thoughtful gift in the wrong hands, and it could be very difficult for the intended heir to get it back.
In the movie, Scar feels entitled to the throne and believes he should have been the rightful heir. Scar’s bitterness leads him down a dark path, plotting to take over the Pride Lands through deception and force.
However, the real-life example I will use is, Scar represents how the guardian of an orphaned child and the person who oversees any assets left to them could be two completely separate people.
In this example, Scar was likely the trustee and guardian of the minor’s estate. While, unfortunately, the streets raised Simba.
Hakuna Matata is just another term for f$ck it.
Kidding. Thankfully, Timon and Pumba, his distant relatives, were willing to take him and raise him to be the man Simba came to be. It wasn’t about the money, the family name, or even who he was–a lion amongst herbivores.
During the time they were raising Simba, Scar clearly mismanaged his nephew’s assets. The Pride Lands was a fruitful land where all creatures, from zebras and elephants to lions, could harmoniously live together. That was until Scar took over and turned it into the same baron wasteland Simba had to be saved from.
This is why it’s critical to remember that these are legally binding documents that explicitly outline who will inherit what. This is why we aim to review our client’s documents roughly every five to seven years or when life events happen.
Failing to do so could lead to senseless fighting, reopening old wounds, and costly litigation.
Right time, right age
The time Simba spent away from his homeland is another great lesson.
As a kid, I translated that period of Simba’s life as finding yourself. Like trying new things that you initially wouldn’t expect to, like once a well-fed cub going to an insect diet. Or putting your past behind you. But as many of us know, someday you realize some of your hardest times come with some of your most profound memories and truly shape you as an adult. Especially when it comes to family. Everyone has a story, and when you get to know another’s story, everything you know about their character starts to add up.
When it relates to this lesson, Simba had to essentially grow up a bit before he was privy to the family’s inheritance.
He had to go through his challenges and get a deeper appreciation for what’s his and foresight into what he could build himself.
When you have no reference for how kids will handle financial responsibility—or you do know, and let’s just say you’re not comfortable with what you see—many parents elect for age-based restrictions before they have full access to their inheritance.
It could be a cliff at age 25, then the assets become the heirs. Or a staggered approach: 33% at 30, 35, and 40 or whatever you deem makes sense. Assets will be held in a trust for their benefit until that time, certain milestones are reached, or maybe never. It could stay in trust for their lifetime, which offers several benefits like asset protection or access to government assistance for children with disabilities.
Really what this does is buy your heirs more time to have more experiences around money and develop better financial habits.
In estate planning, this is the ultimate goal: to ensure that your legacy is not only passed down but is also preserved for future generations. This could be in the form of setting up trusts for your grandchildren, establishing charitable donations, or simply ensuring that your children are equipped to manage the inheritance responsibly.
The Circle of Life
The Lion King may be a movie about kings and kingdoms, but it’s lessons on estate planning are just as relevant to anyone building a legacy.
We are the new kings.
Whether you have a sizeable or modest estate, the same principles apply: plan ahead, communicate clearly and often with everyone involved, and ensure your heirs are ready to take on the responsibility if/when the time comes.
The final scene shows Simba presenting his own cub to the kingdom—the circle of life.
Hakuna Matata? Not in estate planning.
Thanks for reading.
Until next time.
