| Receiving an inheritance from a family member or friend can bring mixed emotions. Not only are you grieving the loss of a loved one, but you’re also suddenly receiving new wealth. During this challenging time, these steps can make the process a little easier.
Take Your Time
Don’t rush into the process; filling out the necessary paperwork to receive the inheritance doesn’t have to happen immediately after a loved one passes away. Take the time you need to grieve, get through the funeral and spend time with loved ones. Aim to speak with the estate attorney within a month of the passing.
Make a List of Goals
Inheriting a large sum of money may feel like winning the lottery, but it’s important to establish goals for your inheritance before spending everything you receive. You could pay down debt, create an emergency savings account, fund your retirement or put money away for your children’s college education.
Consult an Expert
You will most likely meet with an estate attorney regarding the departed’s assets, but you should also consider meeting with a financial advisor. Receiving an inheritance can mean you’re the beneficiary of a 401(k), stocks or bonds, and it’s important that you’re maneuvering through the financial process effectively. For example, you may have to pay taxes, depending on what your inheritance is. A financial professional can not only help you answer these questions but also help you manage your wealth as time goes by.
If you find yourself inheriting money or assets from a loved one, remember: Take the time you need, and find professionals who can help get you through the process. |
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