Profit Boss Radio
By Hilary Hendershott
January 31st, 2025
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!)
