Tuesday, February 21, 2023
Getting an Inheritance? Here Are 4 Things to Consider
Individuals receiving an inheritance might view this as a blessing and a curse. Dealing with losing a loved one is complex, and simultaneously organizing financial and administrative affairs can be difficult. While you may be unable to predict what was left in a will, it is possible to prepare ahead of time.
First, it is important to expect that the process will take time. Settling an estate can be nuanced, especially if the deceased did not leave a will. Executors must notify beneficiaries, pay outstanding bills, close accounts, take inventory, and pay taxes before distributing assets.
Once a beneficiary has been notified, it is essential to make a plan. Experts recommend first building an emergency fund, paying off high-interest debt, and putting the rest towards long-term goals. During this process, seeking advice from professionals like estate planning attorneys and accountants can be helpful.
Finally, this is an excellent opportunity to consider your estate plan. Talk to family about your finances while you still can and map out future financial goals.
For more information see Julia Pham “Getting an Inheritance? Here Are 4 Things to Consider” Kiplinger, January 9, 2023.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.