Inheritance delays and myths

Posted on March 28, 2008 by David Austin

Is an inheritance all about Money?  No

Did you know that most conflicts are over a will or legacy are not related to money?

Myth # 3 - Money is the most important legacy

The myth that boomers are all about money and materialism dies hard and the reality is boomers are more likely to say their parents’ last wishes and possessions of emotional value are important to their family legacy. The elders are 4 times as likely as boomers to think they should focus on financial assets and real estate. This deep misunderstanding can have tragic results. Elders may be reluctant to broach important topics such as their last wishes, and focus only on their financial legacy. They may either ignore or even get rid of family heirlooms that may be cherished by their children!

Myth #4 - Money is the biggest source of conflict

Money as the results show are the least likely source of conflict during a legacy transfer. See below for survey results to the question, ” Which one of the following was the greatest source of conflict in the transfer of your parents’ inheritance and legacy”?

Fulfilling last wishes - 15%

Distribution of personal possession - 15%

Distribution of real estate - 11%

Choice of executor - 8%

Understanding choices - 6%

Distribution of finances - 3%

Source:  Will-Help.com

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Inheritance: You can't get it all now

Posted on March 17, 2008 by David Austin

Even if you wanted to... But you can get part of it now.

Some of my readers are lawyers.  They now that this process can take some time. 

What Process?  The process of moving an inheritance through the probate system.  I just read an article today about a lady who was trying to claim part of the Jell-O estate.  She did not win, but that process probably tied up the estate while everyone waited for the court to rule (and the appeal).

If you were a listed heir you might have been able to use an Inheritance advance to access part of your inheritance earlier while you waited for the court to rule and then release the funds. 

What you can do is sell a portion of the estate now.  That provides you with some of the money that is coming to you.  You cannot sell the entire inheritance.  The company to whom you sell partial estate, then waits for the court to rule or the probate process to complete.  That company also takes on teh risk that something with the estate goes wrong or that it takes longer for is to complete.

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