Estate Planning

The Lion of Africa - An Evolving Legacy

By Hull & Hull LLP

I suppose that there are three ways to approach estate planning: (1) do nothing; (2) plan for the efficient and effective administration of one’s estate; or (3) create a legacy. Creating a legacy is by far the most romantic, but, in fairness, often requires a considerable amount of wealth (though that too is changing with private and community foundations).

I recently read a biography of Cecil Rhodes. He was an impressive man who strode across the British Empire like a lion. He was, of course, not without his considerable faults. Nevertheless, he led a remarkable life. He started life as a sickly and apparently not very bright child. He was sent to Africa to improve his health and ended up staking mining claims and founding the De Beers Mining Company. By the time he died, he controlled close to 90% of the world’s diamond production. In 1895, he had reportedly amassed territory three times the size of England and Wales, which came to be known as Rhodesia. 

In terms of his legacy, it did not turn out quite the way he wanted. The “white man’s burden” was thrown into the trash can of history. Rhodesia became Zimbabwe (which now lies in ruins stalked by a different menace). He used his personal fortune and influence to found a secret society, “the true aim and object whereof shall be the extension of British rule throughout the world”. Luckily for the world, his secret society evolved into the prestigious Rhodes Scholarship. Legacy is clearly a fickle thing and changing times demand a changed vision. Nevertheless, Cecil Rhodes made his mark through his estate, his considerable bounty, and a clear eye to the future (though a future he would not necessarily embrace). I wonder what the world will make of Bill Gates in 100 years.

Thanks for reading. Adieu

Full post as published by Toronto Estate Law Blog on August 13, 2008 (boomark / email).