We no longer deal in ducats and groats, or resort to blood feuds to resolve grievances (mostly).
And yet in many matters that govern our lives, we are not so different from the Elizabethan audiences of Shakespeare’s day.
Debt, inheritance, marriage, work: 400 years on from the publication of the First Folio, such affairs remain inevitable.
Here, Telegraph Money revisits key financial points from the Bard’s plays – with expert guidance to bring these age-old themes up-to-date.
“We know very little about Shakespeare beyond his financial transactions”, says Prof Brian Cumming, a specialist in Shakespeare and Renaissance literature at the University of York.
“He is a shareholder in the theatre company, leaves a will, and has acquired a property in Stratford upon Avon.
“As a result, he comes across as quite middle-class in his aspirations.
“I wouldn’t go to him for financial advice, though”, he adds.
“What he is good at is revealing to us what we don’t want to know about ourselves, or other things that we’d rather keep hidden.
“Often we see how people deflect the way in which money really works, because people want to feel that they’re better people, or that they’re richer than they actually are.
“They really don’t want to hear about how their own money might be part of the problem.”
‘Neither a borrower nor a lender be
For loan oft loses both itself and friend
And borrowing dulls the edge of husbandry.’
(Hamlet, Polonius to Laertes, Act I Scene III)
The advice, given by Polonius to his son Laertes, is “mind bogglingly boring”, says Prof Cummings, who adds that Shakespeare could be mimicking Sir William Cecil, a deeply conservative counsellor to Elizabeth I.
“Be the most boring person possible and you’ll get on in life,” he says. “Not very good advice. Most people will succeed by being a little bit outrageous, rather than being so careful.”
But Mike Barrow, lead financial coach at Claro Wellbeing disagrees: “It’s not wise to lend money unless you’re prepared to lose it.
“Loans between friends and family can seem like a good way to help each other out, but they’re not without risks. Relationships can sour if things go wrong.
“Even with the best intentions to repay a loan, there is still a chance people may not be able to when the time comes.”
Laying out terms for repayment in writing could be sensible, he recommends, even if it seems “rather formal”.
“At the very least, you’ll both know what’s expected. Agree how much will be repaid – and when,” he adds.
‘To shake all cares and business from our age (…)
while we
unburden’d crawl towards death’
(King Lear, Lear to his daughters, Act I Scene I)
The question of inheritance drives the plot in King Lear, which begins with the elderly ruler seeking to share his kingdom between his three daughters while he is still alive.
A challenge is set: he will offer the largest share to the daughter who loves him the most.
Driven by the promise of wealth and power, Goneril and Regan falsely flatter their father. Meanwhile Cordelia, the youngest, speaks honestly.
She is disinherited by the King, who divides her part between her sisters. Further complications arise as the money is passed to their husbands, the Dukes of Albany and Cornwall.
By the end of the play, the family have all reached tragic ends: Cordelia executed, Lear half-mad and the elder sisters’ kingdoms at war.
“He’s doing this in order to negotiate with his children and to have more loyalty towards him,” says Prof Cummings.
“He’s trying to buy the love of his children by doing it, but also all hell breaks loose because the law of inheritance is so important.
“It appears to be about a financial arrangement in the here and now. But the crucial question is how land will be divided up after death for the next generation.
“So I think it’s another form in which the law is making a kind of cover of what’s really going on.”
How would Louise Lewis, Joint head of trusts, estates and tax team at Freeths, advise King Lear?
“Airing deep-seated and long running disputes at trial in public is rarely in the best interests of the family,” she says.
“Be direct and be honest. Bring the family into the conversation early and get used to having open conversations.”
If people cannot face discussion, writing a letter to accompany a will can be “of comfort” to family members, as well as a chance to share advice on recommended financial advisors and wishes guiding the use of any money given.
In the case of any issues, professional mediation could be a solution, offering an opportunity to resolve any disputes at an early stage in a confidential and cost effective manner.
“It is common for wealthy families to decide to leave money unequally depending on who needs more, and I have had numerous estates in which the children are involved in those discussions,” she adds.
“Often the wealthier children are fine with an unequal division, largely because the culture of their family has encouraged them to think that way.”
According to Ms Lewis, succession plans should be reviewed every three to five years or after major life events such as deaths, exiting a business, births, or marriages.
When planning ahead for inheritance tax, her rule is “the earlier the better”. This is because the donor needs to survive for seven years after large transfers of money or gifts to reduce liability for inheritance tax.
‘Let specialities be drawn between us
That covenants may be kept on either hand’
(The Taming of the Shrew, Petruchio to Baptista, Act II Scene I)
In this play-within-a-play, the assertive “shrew” Katherina is aggressively courted by Petruchio, until she is subdued and “tamed”.
Her wealth, as the daughter of Baptista Minola, a lord in Padua, is a key consideration in the play.
After hearing Katherina’s father will provide a generous dowry if Petruchio marries her, Petruchio calls for “specialities” to be arranged – an early version of a prenuptial agreement.
There are several key considerations to reflect on before marriage, says Emma Gill, regional managing partner at Vardags, a law firm.
“A potential spouse has to ask themselves: ‘Would I want to share the assets I am bringing to the marriage, or I may inherit, in any circumstance in the future?’ If the answer to that is no, then you need a prenuptial agreement.
“The law is not designed to attribute a financial value to the moral outcome of a divorce, so the best way to protect yourself is with a prenup.
“This will provide clarity for both partners who decide during the good times to cater for the bad times.”
A prenuptial agreement, or prenup, is a legal document that sets out what a couple intends to happen to their money and property if the marriage were to end.
They can protect any assets that individuals do not want to split with a partner, and can include trust funds, expected inheritance, future earnings, pensions and wealth to leave children from previous relationships.
“No one should enter a prenup without proper advice to fully understand the consequences”, adds Ms Gill.
“One must expect to be held to the bargain they strike.”
