By: Jake Gensemer
Sarah is one of the youngest members of a small, distant family. When her estranged uncle passed away, she was shocked to learn that she had been named the beneficiary of his home. Though grateful, she began to feel tremendous amounts of guilt for being so distant from her uncle. Sarah was quickly overwhelmed by a wave of emotions, followed by questions and responsibilities she hadn’t anticipated.
Despite being well-educated and financially literate, Sarah wasn’t sure what to expect. She found herself wondering:
- What will this mean for my taxes?
- Will I have to go through a lengthy legal process?
- Could I sell it and pocket the proceeds?
- Should I lease it out or turn it into an Airbnb?
- If so, will my insurance cover it?
- Does the property have a mortgage or any liens against it?
- What exactly are my next steps?
She turned to a few family members for advice but remained skeptical about the information she received and had many unanswered questions. Feeling uncertain and emotionally burdened, Sarah reached out to us.
As a fiduciary, The Wealth Conservancy is legally obligated to act in the best interest of its clients. Sarah explained her situation, and together we began to unpack the details of her inherited property.
To her surprise and relief, Sarah discovered she had inherited the home through a Transfer-on-Death (TOD) deed — a legal arrangement that allowed the property to pass directly to her without going through probate. This meant she avoided a potentially lengthy and expensive court process, giving her some much-needed control and efficiency.
Beyond the legal questions, Sarah still had to navigate the financial implications of her inheritance. We helped her understand how the TOD deed affected her capital gains tax, potential estate taxes, and ongoing property tax responsibilities. Every decision was made with her goals, values, and financial circumstances in mind.
At The Wealth Conservancy, we work with inheritors like Sarah every day — helping them navigate the emotional, legal, and financial complexities that come with inheriting wealth. From real estate and investments to legacy planning and personal transitions, we’re with you every step of the way. If you’ve inherited assets or are a part of a family system and are unsure how to best manage everything, let us help you make informed, confident decisions. Schedule a consultation today.
Disclaimer: The events and characters in this article are based on real people and occurrences, but certain details have been altered or fictionalized to protect privacy and maintain confidentiality. Any resemblance to actual persons or events is unintentional and purely coincidental.