Heirs

Settling, Envisioning and Building Anew


Typical Heir Concerns

Family Legacy

Estate Settlement

Lifestyle Adjustment

The Heir Siblings

Henry and Hannah’s parents enjoyed their family and their wealth. They left their adult children significant assets along with their family values, and a desire for them to continue the family legacy.

Though the estate was in order, Henry and Hannah were both surprised at the lengthy, detailed, and expensive process of estate settlement on the death of a surviving parent. Appraisals, attorneys, and accounting fees; death certificates, title transfers, and rollovers; numerous arrangements, decisions and deadlines, all had to be addressed.

All of this occurring within a set of unfamiliar rules that is rarely experienced by anyone more than once in a lifetime. They posed the question, “If this is what it is like when an estate is properly planned, how do people cope, and how expensive is it when it is not?”

Both children were married and, not surprisingly, each along with their spouses had differing ideas on what to do with their inheritance. Both were also compelled to keep some of what their parents had left to them “together”. What they failed to agree on was how to do it.

With house values at a cyclical low, Henry wanted to keep their parents’ home in the family, though he couldn’t afford to do so himself. On the other hand, Hannah, with three children in need of education funding and a spouse on a limited income, saw no other solution but to sell the house in the current market, and begin to spend down the proceeds.

The situation was causing additional tension between the two during an already emotional time for both of them. Such conditions often lead to polarizing positions that can become more and more emotional to the point of impasse at best; and in-fighting and estrangement at worst.

The Impact of Superior Planning


Henry and Hannah’s parents, while they were not Superior Planning clients, had involved their children in their estate planning process as a way to groom the children for the circumstances they now faced.

The children met Superior Planning through their family lawyer. He asked us to assist them in settling the estate and developing individual plans for each of their families. The children liked the idea and appreciated the support and processes that could help them move forward and meet the challenging situation with confidence.

Developing individual Superplan® Programs for each of their families, and their parent’s Estate Settlement Plan™ at the same time had many advantages. They were able to come to a consensus on an estate distribution plan that met both families’ needs and circumstances. The two families’ were able to settle their parent’s estate amicably, preserve their parents’ family heritage, and position their respective families to move forward and grow, each at their own pace. They are now in the early stages of the process that involves grooming their children for what is to come.

Video Series


Designed for Heirs, the Five Stages of Family Wealth, addresses your particular needs and concerns during this part of your financial journey. Watch this short video series and learn about them today!


Survivors

Accumulators