How to Manage a Large Inheritance

The death of a loved one is never an easy thing to deal with, but sometimes a sizeable inheritance can be a small comfort that comes from the ordeal. If you've recently inherited large amounts of money or items, it is important to manage it correctly so that you make the best financial decisions possible.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Financial advisor
• Lawyer
• Inheritance
• Appraiser
• Information about investment options

1. Call a number of financial advisors to find the best profession with which to work. You should consider price, personality, skill, and availability.
2. Hire a lawyer who specializes in estates to make sure that you are legally protected.
3. Pay taxes on your inheritance.
4. Gather the paperwork for all of the things you have inherited. Keep these items in a safe place.
5. Have items like jewelry and homes appraised so that you know their true values.
6. Have your financial advisor completely explain your options. Be sure you understand the choices you make before you make them.
7. Review your financial options monthly in order to make sure you are still doing the best things possible with your money and items.

Tips & Warnings

• Wait a week or so after the funeral to read the will if possible so that people will be thinking more clearly and less emotionally.