Inheritance Can Destroy A Family Or Be A Life-Changing Gift
Inheritance Can Destroy A Family Or Be A Life-Changing Gift
Here's how I advise my clients as an estate-planning attorney.
Story by insider@insider.com (Jen Glantz)
Dana Blue is an estate-planning attorney who helps families navigate assets after a loved one dies. Inheritances can create an opportunity to purchase a house, return to school, or run a business. They can also tear siblings apart and lead to losing a family legacy or even bankruptcy.
This as-told-to essay is based on a conversation with Dana Blue, a 44-year-old estate planning, probate, and real estate attorney in Philadelphia. The following has been edited for length and clarity.
When I started my law practice in 2017, I drafted simple wills for free. Since then, I've expanded my practice to offer trust-centered estate planning and probate administration services.
I value the opportunity to support families during their times of grief, but sometimes, when you mix grief, money, and family dynamics, it can be a very volatile cocktail.
I work closely with heirs or beneficiaries to navigate them through the probate process. Once the assets are distributed, clients are often left with money, property, or a business. Some people inherit just a few thousand dollars, and others walk away with life-changing money.
After almost a decade of being an attorney, I've witnessed the variety of ways inheritance has changed people, both positively and destructively.
It can bring on newfound wealth, but it might come with more responsibilities
When you inherit a business, learning its operational, financial, and legal aspects is crucial. I've seen cases where people inherit their family's business with no experience and bankrupt it in just months due to poor financial management.
If you plan to keep the business within the family, developing a succession plan that details how the business will be transferred to the next generation, including training and mentoring the future leaders, is vital.
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