5 Considerations For Managing an Inheritance
The period leading up to and shortly after losing a close relative is often one of the most emotionally demanding times we, as humans, experience. The crippling grief of loss, coupled with the toll of anticipatory grief, can make it difficult to think clearly and function effectively. When an inheritance is involved, it is especially important to be a responsible steward of the money you've received and do your best to integrate new funds into your broader financial plan. Below you'll find four considerations for managing inherited money.
Image Source: Getty Images
Aside from attending immediate events such as a funeral or memorial service, it's important and necessary to take time to grieve and reflect on the loss of your loved one. It's also important to avoid the urge to make any sudden, large changes to your life if you've inherited a windfall. Once a bit of time has passed, you should have a candid discussion with other heirs to determine the full list of responsibilities at hand and who will manage each one. The pre-appointed executor, or court-appointed administrator, should spearhead this process.
Source Fool.com
