Managing an inheritance

Receiving an inheritance is often portrayed as a windfall, a stroke of luck that promises financial security and new opportunities. But what many overlook is the emotional side that comes with such a significant change in circumstances. Having been in the industry for 11 years, I've witnessed firsthand the rollercoaster ride of feelings that come with receiving an inheritance. In this article, I want to explore the emotional side of inheritance, looking at the complex mix of grief, guilt, and gratitude that can overwhelm even the most prepared individuals.?

Grief?

It's a common belief that inheriting a substantial sum of money brings relief, but for many, the reality is quite different. After receiving an inheritance, individuals often find themselves grappling with unexpected emotions. Instead of the anticipated relief, there's often an immense feeling of grief that can feel suffocating.??

There’s so much to consider and deal with after the loss of a family member. So make sure to give yourself the freedom and space to grieve and reflect.?

Guilt?

Feeling a sense of guilt about receiving an inheritance from someone who passed away often happens because you might feel like you didn't earn the money or because your relationship with them was complicated. You’ll likely feel the added pressure to make sure you don’t waste these funds from the person close to you.?

Communication with trusted individuals as well as seeking guidance from professionals can provide valuable support.?

It's crucial to find a balance between honouring the loved one's legacy and taking care of yourself, acknowledging and processing guilt while embracing the opportunities an inheritance brings.?

Gratitude?

Amongst feeling both confusion and guilt, there will always be a significant amount of gratitude towards the person you’ve lost. Receiving an inheritance may mean you have a better chance for financial security or the opportunity to live your Good Life.? This can be a bittersweet feeling as you miss the person who’s left. You may also feel a pressure from not wanting to let them down. Your friends might tell you that your loved one would be happy you received their inheritance, but it can be hard to feel that way when you’re grieving at the same time.?

An advantage of talking to a trusted specialist like a financial advisor is that we can explore all the options open to you and how best to structure your finances to meet your inheritance goals.?

Inheritance is not just about financial gain; it's a journey through many different emotions, a testament to the complexities of love and loss. Grief, guilt, and gratitude intertwine, shaping our perception of wealth and legacy. As financial advisors, it's crucial to acknowledge the emotional impact of inheritance, and providing support to you during this time is a top priority of ours.?

If you're grappling with the emotional or financial challenges of receiving an inheritance or seeking guidance on financial advice, reach out to us here. We're here to support you through every step of your journey towards financial wellbeing and peace of mind. You don’t have to do it alone.??