Inherited Assets

What is the Inherited Assets feature?

The Inherited Assets feature makes it easier to visualize how assets owned solely by the spouse transfer to the client when the spouse passes away.

Previously, assets solely owned by the spouse, such as a property or bank account, were not clearly reflected in the client's asset list in subsequent scenarios. 

With this new feature, in a spouse client file, when the spouse creates an absolute residue gift to the client in the Surviving Spouse scenario, these eligible assets are now displayed in dark green in the client's asset list in the Descendants Only and No Descendants scenarios. This indicates that the assets are inherited from the spouse and become part of the client's assets in those scenarios.

For example, if the family house is solely owned by the spouse, and they've created an absolute residue gift to the client in their will, the house will appear as a dark green asset in the client's asset list in the Descendants Only and No Descendants scenarios where the spouse has passed away. This reflects that the house is now part of the client's estate and can be distributed in their will. 

How do I gift inherited assets?

1. Click on the spouse client's name to enter into their file and navigate to the Surviving Spouse Scenario. Create a plan where the residue is gifted 100% to the client.

2. Click the spouse's name in the top left and click on the client's name to switch to the client's file.

3. Navigate to the Descendants Only or No Descendants Scenario.

4. Look for assets highlighted in dark green. These represent assets inherited from the spouse that become part of the client's assets in that scenario.

5. Drag and drop them into the Initial Gifts section and select a beneficiary.