What Barbie Teaches Us About Estate Planning

The overwhelming success of Barbie is a cultural phenomenon. Greta Gerwig’s hit movie could be considered deep commentary or summer fluff, depending on the viewer.

One lesson the trailer alone makes clear is that there comes a time to take stock of your situation and start thinking about the future. Margot Robbie’s version of Barbie breaks up the normal fun-loving routine by asking, “Do you guys ever think about dying?”

The question brings her fellow Barbies to a screeching halt – one that might feel eerily familiar to anyone who’s ever tried to start a conversation about mortality when the audience wasn’t ready for it.

When even iconic children’s toys are facing up to life’s hard realities, you know you’re in some kind of moment. The Barbie film is sparking conversations and making people think in a way that few, if any, summer comedies ever have.

In the movie, Barbie goes from a perfect, plastic existence in Barbieland to confronting some of the challenges of real life. One of the challenges of real life is making a plan to protect your assets with a thoughtful and thorough estate plan. We can all take a cue from Barbie and start to think about what comes next.

A Confidence Gender Gap in Financial Decision-Making

Recent research has revealed that women are taking a larger role than they used to in the financial decisions of a household. This is a good step, but more women need to be empowered to make these decisions with confidence.

One 2018 study from Prudential indicated that women were one-third more likely to be involved in financial decisions for the household than they were a decade earlier. Unfortunately, there was no improvement in the confidence expressed by women making these decisions.

A study from UBS Global Wealth Management showed that there was a divide between daily expenses, which were often handled by women, and long-term planning, which was more often handled by men. Women may be pressured to leave these decisions to men, or this disparity could result from a lack of encouragement to women to take a stronger role in household financial planning.

The confidence gap should be met with efforts to empower women in making the vital, long-term financial choices that can dictate their futures. Estate planning and retirement planning really are for everyone, and women should feel prepared and supported every step of the way.

The reality is that women are often eventually confronted with the outcome of household financial decisions whether they took part in them or not. Women have longer life expectancies than men, and husbands are, on average, older than their wives.

The UBS study found that nearly three quarters of women discover problems with their financial situation upon the passing of their spouse or the end of their marriage. By playing a larger role in financial planning, women can avoid nasty surprises and help make sure their goals and strategies are in order.

Barbie Can Do Anything, Including Preparing for the Future

Barbie has been everything from an architect to a zookeeper over the years. She is empowered to take on any role with confidence. The importance of women making decisions about their family’s finances should not be underestimated. Participating in your family’s long-term planning can help you face the future with confidence.

In addition to the benefits of improved financial confidence, estate planning ensures your ability to:

1. Protect Those Closest to You: One of the key benefits of an estate plan is that it outlines your preferences for how your assets will be distributed for the benefit of your loved ones.
2. Maintain Control: Planning ahead will allow you to organize your accounts, investments, and other property in such a way that they will be handled the way you want them to be.
3. Reduce Your Tax Burden: Depending on your situation, there are estate planning methods that can help you minimize your tax liability and expenses related to asset transfer. Gifting strategies and trusts are two methods that can allow you to reduce the tax burden on your estate.
4. Provide for Your Dependents: Vulnerable people in your life, including minor children, elderly parents, or those with special needs may benefit from specific provisions in your estate plan concerning their ongoing care.
5. Avoid Pitfalls in the Probate Process: Probate has a number of drawbacks that can be reduced or eliminated with a thorough estate plan. Your beneficiaries may benefit from less exposure to the probate process.
6. Plan for Business Succession: Business owners need to plan ahead to ensure that what they’ve built will be protected. Planning for a transfer of ownership or division of business assets among your loved ones takes careful thought.
7. Determine Medical Decision-Making: Medical directives (also known as healthcare directives) and living wills are two tools that can be used to codify your preferences for medical care in case of incapacity.
8. Reduce Stress: Thoughts of the future can be a source of stress or a source of comfort. Estate planning can help you feel in control of your future.
9. Give to Causes You Believe In: Estate plans are an opportunity to give to the charities of your choice. This is another way of protecting who and what you care about and leaving a legacy behind.
10. Navigate Changing Circumstances: Regularly updating your estate plan is important in a changing world. Changes to your family structure or your financial situation may necessitate changes to your estate plan.

There is more to estate planning than deciding who should get which assets. Your estate plan will allow you to plan for your future and the future of your loved ones. It should reflect the things you care about most. Having a plan in place provides a sense of calm and confidence that things are as they should be.

Estate Planning in Barbieland

Barbie’s amazing life provides an interesting test case when it comes to estate planning. If Barbie truly set out to make a plan covering her assets and goals, what might that entail?

1. Barbie’s Dreamhouse(s): The dreamhouse depicted in the Barbie movie is the latest in a long line of homes attached to the toy line. Whether she owns one home or dozens, her estate plan should account for each property and what she wants done with it.
2. Fashion Icon, Fashion Tycoon: Among her many jobs, Barbie has been the head of an astounding fashion empire. Everything from her personal clothing, jewelry, and accessories to the businesses within the industry are assets that need to be included in any comprehensive estate plan.
3. The Dream Cars: That glorious pink Corvette (the Star Vette) is arguably the most iconic vehicle Barbie has ever owned, but it’s far from the only one. Barbie has a range of vehicles that are tangible assets to be covered in her plan.
4. Stockbroker Barbie: Given the many businesses Barbie has been a part of, she undoubtedly has an extensive portfolio of stocks, bonds, and other financial holdings.
5. Barbie IP: Intellectual property attached to the Barbie name and image should be considered as part of her total portfolio.
6. Dolls or Assets: Vintage toys and other collectibles can hold surprising financial value along with their sentimental value. A full collection of dolls, houses, cars, and other accessories would be something to behold and an important part of her estate plan.
7. Giving Back to the Community: Barbie has been attached to a number of charitable causes through the Barbie Dream Gap program. She might consider dedicating some portion of her assets to continue this support as part of her estate plan.
8. Funding a Trust: Barbie has parents, siblings, and too many friends to count (just among the other Barbies!). She could choose to establish a trust fund to see to the ongoing needs of those closest to her.
9. Barbie’s Digital World: Digital assets are an increasingly common concern for many estate planners. Barbie would almost certainly own virtual assets, including domain names, social media accounts, online business ventures, digital photos, and more. These assets need to be accounted for in an estate plan to ensure that they are handled properly.
10.  The Wisdom of Barbie: While many of us wish we could pass down all the lessons we’ve learned as easily as the family car, it’s not so simple. An estate plan can, however, lay out conditions that would allow her to continue to advocate for the values and beliefs she stands for.
11. Including Your “Ken” in Your Plan: Because Barbie and Ken are not married, if she wants to include him in her estate plan she needs to make sure her wishes for him are written down.

Since its release in July 2023, Barbie has seen extraordinary success. Her story has resonated with countless viewers. People are enthralled by Barbie’s journey. While the movie may not depict it, part of Barbie’s path should surely be to take control of her financial future with a Dream Estate Plan.

Barbie can be a source of inspiration and empowerment for women and girls, particularly in areas where they have not always felt welcome. Long-term financial and estate planning is exactly the kind of thing Barbie would want women to feel comfortable doing.

Estate Planning Guidance That Is More Than Enough

A dream house, dream car, and dream job is just the start. You need a dream estate plan to secure your future. Even if you’re still waiting on your pink, sparkly paradise to become a reality, you still need to take the time to plan ahead. At the Law Office of Janet L. Brewer, we can help you craft a plan that will protect what matters to you most. Call us today at 650-325-8276.