Preparing to Inherit

The Sudden Wealth Podcast

This episode is quite a bit longer than the previous ones. This episode includes business coach Barbara Murphy-Shannon. She asks me some questions that led to insights about what often goes wrong when kids receive significant inheritances, and what can be done about it. First, I mention that people with lots of money often are suffering. Suffering from lack of purpose, isolation, and being taken advantage of. They want connection. But meanwhile, many advisors who claim to help people with financial windfalls are using that as a marketing ploy. There is a disconnect. Second, Shannon asks me what would have made me prepared for my inheritance. I listed four key things:

1. If my father and I had had an understanding about aspirations for the family. If we had a family mission statement, for example. Something that gave me a sense of purpose.
2. If there were agreement or common values.
3. If there were legally enforceable documents that would have protected the money while I was adjusting to the new reality.
4. A system for implementing all of this. Including a mentor or advocate to help me after he died.