I inherited a lot of money.  Now what?

I inherited a lot of money. Now what?

It’s no surprise that many people who inherit millions of dollars don’t know what to do with their newfound wealth. The possibilities of becoming a multi-millionaire overnight can be overwhelming, especially during a time when most are mourning the loss of a parent or other loved one.

I often work with people of different age groups who have suddenly become rich through an exceptional inheritance. Although it is necessary to develop a comprehensive financial plan, it is not the first step. Instead, I try to determine each person’s starting point with money. Many people fall into one of three categories:

  • They anticipate how they will manage their wealth, but the money has not yet arrived.
  • They have their inheritance – often several million dollars – but they are still mourning the loss of a loved one and seeking advice on next steps.
  • The inheritance has been in their bank account for a long time, but they still lack direction and cannot make any decisions.

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