The Three Rules of Represenation



Rule No. 1: Define Your Relationships

You will likely deal with challenging issues regarding your relationships: which ones to sever; which to keep at arms length; and which to keep near-and-dear. Unless there are specific reasons to the contrary, we always recommend involving the family. There are two main benefits from involving the family: i) it initiates the free-flow of communication by involving them which reduces jealousy and envy issues; and ii) it creates a foundational support system for you to rely on during and after your lifestyle transition. Secondly, you should make a list of all colleagues, friends, and acquaintances. For each, you should weigh each's importance in your life. In essence, you are pre-defining your boundaries with them to avoid misunderstandings down the road. Lastly, you will want to move on to the final arduous process of defining each and every one of your new relationships. These include advisors (attorneys, accountants, financial advisors), staff (security, personal assistants, chefs, transportation, home care, etc.), and charities (foundations, philanthropists, and organizations).


Rule No. 2: Define Our Representation

When you decide to use our expert counsel, it is important to remember that we intend to be your only professional counsel for the tasks you want us to assist with. Trust us, this is not a bad thing. We have learned the hard way over many years of trial-and-error that disagreements among advisors never ends well. And wealth always breeds disagreements...if not up-front, eventually down the road. In short, we want to focus our attention and time on you and your needs, rather than fighting with other advisors. We know you will see the value in this approach. In defining the representation, we often specify a dollar amount and/or a specific list of duties and responsibilities.


Rule No. 3: Set Reasonable Expectations

After the first few weeks of thinking about that amazing dream house you can now afford, all the trips you can take, and all the fancy gadgets you can will eventually settle in. We help you plan for this lifestyle transition and to make sure that your windfall lasts for your life and beyond. Of the biggest import, we help you manage expectations. We answer 'what is reasonable' and what is not. With expectations in check, you can focus on what's important in life rather than worrying about your wealth. One of the biggest expectations you will have to get used to is security. While identity security is obvious, personal security for large lottery winners and inheritors is equally important.