When you receive an inheritance, regardless of amount, you’re going to need to figure out how to put it to its best use. Depending on who left it to you, you may have different emotions and ideas surrounding that decision. Here are some of the most common questions and scenarios you might face with an inheritance – and the best ways to deal with it going forward:
How should I put this to the best use for me?
Receiving an inheritance is emotionally charged for many people, but how you allocate those funds shouldn’t be. Take the time you need to sort out your emotions surrounding the money so that you can proceed logically when you’re ready. The bottom line is that it’s a sum of money outside your typical income, so if you’re struggling with what to do with it, a financial planner can help you sort out the next steps. Pay down debt? Put it into savings for your children’s college fund? Invest it? There are plenty of options moving forward, so seek help making those decisions if you need it.