Estate inheritance money can soften the blow of a loss.  Undeniably it is nicer to cry in a new Lexus than in a 1986 Ford Taurus.  Undoubtedly, listening to Uncle Carmine give you inheritance advice is better while on a beach somewhere.

However, consider it’s 20 years later, and that trip you took, and the Lexus are nice memories.  On the other hand, you know what’s really nice?  Twenty-year-old money invested and grown is nice.

In short, inheritances are often a once-in-a-lifetime opportunity to lay some groundwork for your future.

Many a “once-upon-a-time” beneficiary come to lament their spending behavior upon getting a check from the estate.

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.  However, if you’re collecting dividends from an annuity you bought at 15 with the proceeds from your paper route, you probably already have one.

However, if you’re bad with money – keep reading.  Likewise, back away from the shiny object…

2. What do you want?

To begin with, “What do you want to do with the estate inheritance?” Any good financial advisor is going to ask you that question. So, the question deserves a “good think”.  Don’t just shout something off the top of your head.   What’s your risk tolerance?  Think ahead.  Talk about it with loved ones.  To that end visualize the long-term.  This is your chance to set the table.

Write it out if it helps.

3. Talk to others

Talk to family and friends.  Choose a few key people to talk to about your estate inheritance.  Gather information, recommendations, and intel.  Above all, value wisdom.

4. Consider

Undoubtedly, you could be hurting pretty bad from a loss.  Loss affects the brain and the heart.  For the most part, purchases aren’t gonna help that.  To that end, proceed accordingly.

5. Research

To the point, prepare.  Talk to recommended financial advisors.  Moreover, talk to several.  Ask a lot of questions.  Get answers.

What do you want?  Get there.

6. Estate Plan

Just sayin’.  Think ahead. Set the table for the next generation’s inheritance.

7. Spend a little

Yep. Within your means, with your table set, go ahead, and spend a little.  You deserve it.

 

Bad Inheritance advice:

On the other hand, it’s your estate inheritance.  Your wacky 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.

More:

 

Forbes: 5 Important Steps To Maximize An Inheritance

Estate Talks: Grief Support – What to Expect