An inheritance is considered an instant wealth event because it usually happens through the disposition of a will and it may happen after the passing of a loved one.
The emotions of inheriting
Inheritance has many phases of emotions: sadness, anger, guilt, shame, greed, delight, surprise etc. It is one of the most difficult feelings of any of the instant wealth events you may encounter. Someone, a close family member, distant relation, or family friend had to die for you to receive it. Many human emotions come and go while experiencing this event. This can be very difficult to overcome and our feelings of self-worth become real and force themselves front and center.
My inheritance story
My father died in 1979 and he had no will. My sister and I were children of his first marriage, and although we had a claim against his property, my stepmother was given everything. What I did not know at the time is that if I did not put in a claim to his estate than my sister and I would lose out. We were promised that when our stepmother passed, she would divide it all to the three of us her nephew, my sister and me. I believed her so we did not put in a claim until she died. Unfortunately, she died 17 years and 6 months after my dad’s death and the statute of limitation in California is 17 years. My sister and I missed out because we waited too long: 6 months too long. The nephew got it all.
What assets are considered inheritance?
Inheritance could be real estate, retirement accounts, cash, furniture, jewelry, bitcoin, gold, an investment portfolio, a special story of family history, and the list goes on. There are many decisions to make about what to do and go to go about it. You may be wondering if you have taxes to pay, how to distribute assets, and who to contact for help?
Inheritance and family matters
Upon receipt of an inheritance, you may have thoughts such as “How do I make this inheritance work for me and my family and the future?” “How can the inheritance be preserved?” For example, my 5th great-grandfather received 1100 acres in Ohio after the revolutionary war and he and his sons-built wealth around this land. Now the property has been divided and we no longer own it however, the home they built is still there “White Pilar.” By the 3rd generation it was so divided up and so much family dissension that it was gone, and the family disbanded and moved away without contact. To this day the family still owns the cemetery were our ancestors are buried.