Inheritance How a Wealth Manager Can Help

Inheriting after you’ve lost a loved one can be a bittersweet experience, and the process can be overwhelming, when you are unfamiliar with the rules and regulations surrounding inheritance. However, with the help of a qualified wealth manager, you will navigate through those complexities with ease. In today’s blog, we will cover frequently asked questions about inheritance and how a wealth manager can help.

What is the Difference Between Estate and Legacy?

The terms “estate” and “legacy” are often used interchangeably, but they refer to different concepts.


An estate refers to the total sum of an individual’s assets, property, and liabilities at the time of their death. It may include real estate, investments, bank accounts, personal property, intellectual property, and debts. When someone passes away, their estate may go through a legal process called probate, where a court will determine the validity of the will, pay off any debts, and distribute the remaining assets to the beneficiaries. When assets are placed in trust, a trustee administers the gathering of assets, payment of debts, identifying beneficiaries, and distribution of assets.


On the other hand, a legacy refers to the impact that someone has on the world and the people around them. It is the imprint a person leaves behind regarding their values, beliefs, and contributions to society. A legacy can be financial, but it can also be intellectual, emotional, or social. It’s what people remember about the person long after they have passed away.

In summary, an estate is the tangible assets and liabilities that someone leaves behind after they die, while a legacy is the intangible impact and memories that they leave behind.

Do I Have to Pay Tax on my Inheritance?

In many cases, inheritance is tax-free for the recipient. However, there are some exceptions depending on the type of assets you inherit, your relationship to the deceased, and the state or country where you live. A wealth manager can help you understand the tax implications of your inheritance and provide guidance on how to minimize your tax liabilities.

When do I Receive my Inheritance?

The timing of your inheritance will depend on the type of assets you inherit and the provisions of the will or trust. In some cases, it may take months or even years for the administration to be completed, and assets to be distributed. A wealth manager can help you understand the timeline for receiving your inheritance and provide advice on how to manage your finances in the meantime.

Should I Save, Invest, or Pay Down Debt?

Deciding what to do with your inheritance can be a daunting task, especially if you are unfamiliar with financial planning. A wealth manager helps you evaluate your options and develop strategies that align with your goals and risk tolerance. Depending on your circumstances, they may advise you to save your inheritance for emergencies, invest it in a diversified portfolio, pay down high-interest debt, or some combination of those things.

In summary, inheriting wealth can be a complex and emotional process, but with the help of a qualified wealth manager, you can navigate through it smoothly. They provide you with expert advice on tax planning, inheritance laws, and financial management to ensure that you make the most of your inheritance and secure your financial future.

Get Started with Elite Wealth Management

How certain are you that you’re making the best financial decisions? At Elite Wealth Management, we safeguard our clients’ financial position for the long term. Our objective is to provide tactically managed portfolios that can perform in varying economic conditions. Whether you’re a professional who owns a practice, an entrepreneur, or a professional athlete, Elite Wealth management helps you manage your wealth the way that you would if you had the time and expertise to do it yourself. Let’s work together to get your financial goals accomplished. Elite Wealth Management is in San Diego but works with clients all over. We’re always happy to help you with all of your wealth management needs. Reach out by calling (323) 314-0202 or clicking here.