This guest post is from Grace Henson, Regent Law 3L:
Paramount’s Yellowstone is full of drama
surrounding land battles, relationships, and family, but it also raises several
topics relevant to estate planning. John Dutton and his family are fighting to
save their sixth-generation Montana cattle ranch from various attacks, one being
development by a large corporation into an airport and ski resort. Dutton
implores several tactics in order to save his ranch, most recently being his
election as Montana governor.
It seems that John Dutton could benefit from a good
estate planning attorney because it appears he does not have a will, and he
faces several threats to his life. Without a will, Dutton’s assets will pass
intestate. Given the strained nature of his relationship with his son, Jamie,
Dutton would likely want to dispose of his property differently than it would
pass intestate. Also, the unique nature of the land contributes to the need for
this land to pass through Dutton’s specific wishes in a will because he wants
someone to own the land who is passionate about running the ranch and is also
committed to keeping the land within the family.
Before his election as Montana
Governor, Dutton placed the 750,000-acre ranch in a trust with his daughter,
Beth, as trustee and both Beth and his youngest son, Kayce, as beneficiaries. Yet,
this action was not as straight forward as it might seem. Dutton’s adopted son,
Jamie, is an attorney and during certain parts of the show, actively fights
against the family for the land. Jamie tries to claim future ownership in the
land as an heir because he ascertains that the trust is invalid in Montana as
Beth filed it in Salt Lake City, Utah. At that time, it is unknown to viewers
and to Jamie that he is actually adopted by John, but that does not make a
material difference because in Montana, adopted children have the same
inheritance rights as biological children. Jamie’s claim, however, is incorrect
because a trust need not be filed in a specific state to be enforced in that
state. Instead, the state law that governs the trust is either the state law
specified by the trust or the state in which the assets within the trust are
located (in this case, Montana). Since Jamie is not a named beneficiary of the
trust, he likely has no future interest in the land. Additionally, conflicts of
interest would arise because Jamie is the Attorney General of Montana.
John and Beth also consider placing
the land in a conservation easement with a land trust to avoid development. A
conservation easement would permanently limit use of the land for specific
conservation purposes and would eliminate the possibility of the land being
developed into an airport and ski resort. Dutton would be compensated for
essentially donating his land for conservation purposes by receiving a tax
deduction. The family would continue living on the land, and the land could be
passed to Dutton’s heirs, but all future owners of the land would be bound by
this easement agreement.
Yellowstone
is evidence that estate planning is an important aspect of family restoration
because it can work to create family harmony if it is done well, or family
chaos if it is not.