Love, your Money - Wealth, Money, and Financial Advisor for Women EP 94: How One Woman Almost Lost a $4M Inheritance
When a parent leaves an inheritance as a legacy for their children, the intent is always to secure their future. Statistics tell us that 1-in-3 heirs end up blowing all the money, rather than stewarding it well. Earning and keeping are two drastically different skillsets, and having advice and counsel is essential to manage wealth well. But what would happen if all the advice in the world was basically useless? What would happen if you knew you were going to inherit but had your hands tied?
Today, I have an interesting story about what happens when an inheritance rattles the future, rather than securing it. It is truly a tale of good intentions gone awry. In this interview, my client, who will be known only as “Annie”, tells the story of inheriting $4M from her parents. Annie shares everything she has had to go through just to get her hands on the money that was rightfully hers. Even though her parents took the time to have a trust drafted, she never found the actual trust documents and had to go through the probate courts to have assets transferred to her name.
This is a cautionary tale to people everywhere of the high costs on the people you love if your estate plan is incomplete! Also, Annie had strong emotions about the money to overcome—before she inherited money she lived paycheck to paycheck, and even marched on Occupy Wall Street. Listen to find out if her perspective on wealth has evolved as she inherited.
This is a very moving and vulnerable story. It reminds me that a legacy is an incredible gift, but it is also a heavy weight to bear. I know you will come away from Annie’s story with a lot to think about, (and hopefully, let someone know the location of your Will when you’re through!)
What You Will Learn In This Episode:
• We start from the beginning: Annie always knew she would inherit money.
• Money and inheritance were abstract.
• Annie feels like she almost exchanged her parents for the money.
• How the whole trouble with the trust started.
• Lawyers don’t always have a copy of the trust.
• The time it takes and the uncertainty that follows a missing trust.
• How Annie has managed the pain and fear over the inheritance.
• Annie’s early days living paycheck to paycheck taught her about what it means to be “enough.”
• All about some of the technical aspects of inheritance.
• Annie’s vision for her life with this inheritance.
• Money has an effect on people. Learn how Annie’s social life has shifted.
• How to ensure people in your life has copies of your will.
• What Annie is planning to do with her story.
Featured on the show
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.