Receiving An Inheritance

Offering impartiality and clear thinking

The Situation

Being left assets in a will can be a stressful time to manage, and heirs can sometimes make emotionally based decisions, which are not always in their best interests in the long run. It might be that you are grieving the loss of a loved one and not able to face the challenges that dealing with the inheritance brings, or you may simply be ill-prepared to manage your new-found wealth.

Before you make any decision about how you will spend or invest it, your first port of call should be to a qualified professional such as Daltium, to advise and help you navigate and avoid common pitfalls. It’s essential to have a plan to secure your financial independence before making any big spending decisions.

Areas to consider include:

What are the tax implications of receiving and disposing of them?

Do these assets fit into your overall financial plan?

Have you discussed your inheritance with your life partner, children, or loved ones? (new-found wealth or sudden windfalls can cause family friction if not openly discussed)

Are there restrictions on the assets, such as age restrictions, money left in trust for specific purposes, or are they yours in their entirety now?

Are you familiar with the type of assets, such as property, cash, investments, business interests that you received?

How We Help

We help clients understand the types of assets they have inherited and come to decisions about what they plan to do and how they will manage their new assets most efficiently. Most importantly, you’ll have the backing of financial professionals working on your behalf throughout a difficult time and the emotional support needed to help you ensure your windfall does not become an added source of stress to you or your loved ones. At Daltium, we can help you find a way for you to discuss your choices with family members.

The Daltium process includes:

Balancing short-term spending plans with longer-term goals,

Presenting a plan to evaluate the options created by the inheritance

Minimizing the tax burden of transferring or disposing of the different types of assets,

Creating a tailored financial plan incorporating your goals and intentions.