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While no one wants a loved one to pass away, inheriting a large sum of money after someone's death can be life changing. However, if you learn that you will receiving a large amount of money, it is important to know what to do. Some people may feel overwhelmed, or even stressed after receiving an inheritance, especially if it is a sum that amounts to more than one makes in a year, or even several years. In the event that you inherit a large sum of money from a deceased loved one, take the following steps:
Do Not Immediately Splurge
After you have your inheritance in your bank account, it can be very tempting to go on a lavish spending spree. But, in most cases it is a mistake to immediately begin splurging on luxury items that you may have wanted for a very long time. Instead, you should step back, avoid spending large amounts of money, and carefully examine your finances. Make sure that you understand what debts you currently have and also consider your income, bills, future liabilities, and your goals. In the long run, you will be happy that you did not spend a big chunk of your newly inherited money right off the bat.
Work with a Financial Advisor
Even if you consider yourself someone who is good with money, it is always in your best interest to work with an experienced financial advisor about inheriting a large amount. A reputable financial advisor will be able to assess your finances, including the money that you have inherited in order to help you make wise choices. Your financial advisor, like Michael Smith merrill lynch. will likely recommend that you invest some of your inheritance in order to grow your wealth. You can also count on your financial advisor to help you create a retirement plan using the money that you inherited so you will have a good retirement fund for your golden years.
After working with a financial advisor, you should have a good idea about how much money you can spend without going through all of your money too fast. Your best bet is to pay off any debts that you have first. This is especially true for debts that have high interest rates, such as credit cards. Once your debts are paid off, stick to the plan that your financial advisor created for you. If you want to make a large purchase, such as buying a new car or investing in a vacation home, always consult your financial advisor first to see if it is a good idea.Share