Wealth management typically deals with wealth you already have. It does not usually address wealth you do not have as of yet because most people are unaware of whether or not they will have any assets to speak of later in life. However, if you know that you will inherit a sizable amount of money and/or assets, then you might want to visit with a wealth management advisor. Here is how this unusual set of circumstances would work when it comes to learning how to manage your future wealth.
Formulate a Plan
Are you going to invest any of the money you stand to inherit? Are you inheriting property, and if so, are you going to keep it or sell it? Do you want to open offshore savings or Swiss bank accounts? These are all things you should consider and then decide to do before you receive your inheritance. Your wealth advisor can show you all kinds of plans to help you establish your own customized plan for your future wealth. If you have a plan, be sure to put it in writing so you can stick to it when your proverbial ship comes in.
Write a Will
It is never too early to write a will. Because the will can be changed again and again, or as needed, it is just smart to have one in place so that everything you do receive is not seized by the government and/or creditors if you were to pass away. If you do not have any heirs of your own yet, you can make general provisions in the will for any heirs, and then rewrite these sections of the will at a later date when you do have heirs. Sections for future heirs may be rewritten several times before you pass away anyway, depending on changing circumstances and events that would cause you to write in or write out heirs from your will.
Adjust for Inflation
Inflation is constant. One hundred years ago, you paid a nickel for a cup of coffee. Now you pay five dollars if you like your coffee fancy and two dollars if you like it plain and black. That is one incredible rate of inflation over the last one hundred years, and coffee is not the only product to suffer. Your wealth advisor can help you project for inflation up to thirty-plus years ahead, and then plan for what things will cost when you receive your inheritance.