Players can take either the cash share or actual loot. Your designated heir can be your new Virtual Seattle character. It CAN'T be another player's character. Well, your Virtual Seattle character's abilities at least. As mentioned previously your character's skills and attributes are improved as per Shadowrun 3 rules.
Gear is another matter.
The cost is as per the cost column times the street index. You don't need GM approval for this. The latter are only available through play. Claudia Tyger has access to a limited amount of gear with a Street Index of 1.25 to 3. Cost to the player is cost multiplied by Street Index.