Inheritance Advice | 5-minute read
Estate Beneficiaries | Inheritance | Spendthrift Heir

It’s 20 years later, and that trip you took, and the new car you bought are nice memories, but you know what’s really nice?  20-year-old money invested and grown.

Inheritances are often a once-in-a-lifetime opportunity to lay some groundwork for your future.   Many a once beneficiary laments their spending behavior upon getting a check from the estate.

Not sure who needs to hear this, but since you’re still reading…

1. Check yourself

You know who you are.  If you’re the type who, despite your best intentions, may struggle with money management, get thee to a financial advisor.  If you’re collecting dividends from an annuity you bought at 15 with the proceeds from your paper route, you probably already have one.  But if you’re bad with money – keep reading.  Back away from the shiny object…

2. What do you want?

What do you want? Any good financial advisor is going to ask you that question. So, the question deserves a good think.  Don’t just shout something out off the top of your head.  What’s your risk tolerance?  Think ahead.  Visual the long-term.  This is a good chance to set the table.

Write it if it helps.

3. Talk to others

Talk to family.  Choose a few key people to talk to about it.  Gather information. Recomendations.  Intel.  Value wisdom.

4. Consider

You could be hurting pretty bad from a loss.  Loss affects the brain and the heart.    Purchases aren’t gonna help that.  Proceed accordingly.

5. Educate

Prepare.  (See above) Go talk to Financial Advisors.  Go look for opportunities for the money to make money.  Ask a lot of questions.  Get answers.

What do you want? Get there.

6. Estate Plan

Just sayin’.

What to do with the money?

Your cousin’s third husband wants to open a bar in Delray Beach.

Go for it.

 

Whether you decide, or you don’t decide, you’ve decided.