Our $2 Million Battle

Hi Scott,

Last year I cared for a very close family member, who sadly passed away in December. I’ve been included in his will and expect to inherit approximately $2 million! Besides the grieving, we’re trying to deal with the fact that other very close family members were NOT included in the will. We are a tight-knit family and I would like to share some of this inheritance with them. Where on earth do I start, not only setting my little family up for life but also possibly helping other family members financially?

Janice

Hi Janice,

Let me start by saying that you didn’t receive this money by mistake: it was clearly what they wanted.

Case closed, right?

Well, maybe not.

In these situations the will may (read: probably will be) contested by close family members who got doughnuts.

There’s a six-month window to challenge a will — after that, they can only do so with a court’s permission.

If I were in your shoes I’d apply for probate as soon as possible (which basically means proving the will is valid and the executor can distribute the estate to the beneficiaries), and then mark the date on your calendar.

Only then would I start thinking about what to do with the money.

The first meeting should be with your accountant, to see how much capital gains tax the assets could be up for.

As for dishing out the dough: I’d follow the Barefoot Steps so that your own family is cared for and financially secure, and then think about what to do with the rest.

Good luck!

Scott.