I Received an Inheritance...Now What??

There are number of reasons why someone works with a financial advisor. One of the most common is navigating life events – whether it’s the happiness of starting a new job, getting married, or having children or the sadness of getting laid off, losing a loved one or falling ill.

It can be overwhelming when these life events occur – with emotions running high and decisions needing to be made. So I’m writing Now What? a series for this newsletter to be used as a starting point for navigating these complex times.

First up, I want to talk about what happens when you receive an inheritance. Advising clients ranging from Gen X to Gen Z, it’s an unfortunate reality that one of the ways wealth is created is through the passing of loved ones. Another unfortunate reality is that I’ve seen this sudden wealth suddenly disappear through poor planning and advice. If you find yourself receiving an inheritance, here are a few things to keep in mind:

1.????? Take your time making decisions

The passing of a loved one and going through the grieving process can be a very emotional time. You don’t want to be making financial decisions under emotional stress or duress. So take the time you need to have a clear mind. Be wary of anyone who is pressuring you to make decisions before you feel ready. Sometimes not making a decision can be the best decision you can make.

2.????? Understand what you are inheriting

Assets come in many forms – they have different tax implications, timelines and distribution processes. Inheriting a home is much different than inheriting a retirement account or a piece of artwork. Before you start making plans for your inheritance, work with a trusted team of advisors (ie financial advisor, accountant & estate attorney) to understand what you are receiving and any nuances associated with it.

3.????? Answer this question

Sudden wealth is a time to pause, reflect & take status of where you are today and where you want to go in the future. Receiving an inheritance can help you work towards and achieve your life goals. This inheritance is your loved one’s legacy, their final gift to you. How can you honor this gift?

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