Finding out that you are going to get an inheritance is a big boost. Even if the inheritance isn't particularly large, it is a morale boost to know that your loved one cared about you enough to leave you something. Now, it is time to plan what you are going to do.
In our recent blog post, we discussed how there are special considerations for inheritances in divorces. This brings up the important point of making sure that you aren't wasting your inheritance or doing things that are going to rip it from you.
Making plans for the inheritance might not be that simple. You might need to hire a financial advisor to help you determine what options can put the inheritance to the best use possible.
Another thing to consider when you have an inheritance is that you need to make an estate plan for that inheritance or add it to your current estate plan. In this way, inheritances and estate plans are like one large circle.
We understand that you might not be able to think clearly right now. After all, you recently lost a loved one. You need time to heal emotionally from that loss, which can be very difficult to do. The last thing that you need is to have anyone try to take advantage of the situation.
Your inheritance can be a welcome way to remember the person you lost. Take the time to think about how you can use the inheritance to improve your current situation and move forward. We can help you find ways to keep it protected.