The one-sided spectrum of managing family inheritance
One of the greatest wealth transfers in history is currently taking place and it is happening through inheritance. Gaining a deeper understanding of how wealth is transferred from one generation to another will help us better evaluate what is being received.
In a recent survey conducted in-house by the Inheritance Muse Consultancy, people were asked what they define as being inherited wealth. Over 90% answered, “What one gets, after a parent or relative dies”. Dictionaries follow along the same lines in defining inheritance as ‘the act of receiving, by legal succession or bequest objects, money, property, titles etc., following the previous owner’s death.’ In most cases, managing family inheritance is viewed as a once-off event and the transfer of tangible, measurable things. Although this description may be true, it does not give a whole view of what inheritance is or what it fully entails.
Factoring intangibles into the equation
To broaden the scope, one should consider the dictionary’s secondary definitions which state, ‘something from the past or from your family that affects the way you behave, look, and perceive the world.’ Here is where inheritance starts to get interesting.