Most of us, at some point in our lives, will lose a loved one who will have left us something in their will. If what you inherit is significant in value, you should keep a few points in mind.
- Take your time. You need to give yourself time to grieve, and then time to determine what you want to do. Making a rushed decision about where to invest or what to buy will not be helpful. Put the money in a bank account, and come back to it when the grieving period is over.
- Hire a professional. There could be major tax or other consequences from what you choose to do with the inheritance. Before you take any action, be sure you know what the result will be.
- Think about your own estate plan. Now that your assets have increased, it may be time to have your own will altered (or drafted in the first place) so that your inheritance will go on to the person of your choice, in the manner of your choosing.
- Remember that the best course of action for you may not be obvious to others. Choose the one that makes sense for you and your family, regardless of what others think.
