Here’s some ideas.įor goals that are in the immediate or near future, think about saving. Next, it’s important to consider possible uses for what you’ve inherited. You want your inheritance-related decisions to support your family’s values and goals, but a lack of clarity or agreement here could make that impossible. What is uniquely important to your family? If you’re not sure, that’s OK. Set aside time to discuss with your spouse the family’s financial priorities. 'Prepare your work outside get everything ready for yourself in the field, and after that build your house.' Proverbs 24:27 ESV If your family inherited any additional assets (jewelry, keepsakes, collectibles, or other items), make a separate list. Assets like these can carry complexity and implications, such as taxes, that could affect your family years in the future. This could include a retirement account (IRA, Roth IRA, 401k) or perhaps a brokerage account (stocks, mutual funds, bonds, etc.). Make a file to keep important documents (Deed, Title, Etc.) that confirm you are the owner.Īny financial assets should be in their own category. Real estate like a home or other property like a car should go in this category.

“I don’t know” is a perfectly acceptable stance at this juncture.ĭivide everything into the following categories: You don’t have to make decisions at this stage of the game. The simple act of recording a decision will bring you one step closer. If you inherited a home and intend to sell it, write that down on your list. As you go through inherited assets, preferably with your spouse, make a note about any initial wishes you have for the item/asset. One of your first steps should be to get organized. Honor that intention by taking the first steps to move forward. Your loved one intended for the assets you inherited to be used for your family’s benefit. It’s still important to not wait too long. That’s understandable and many folks feel that way. Taking steps toward a plan can have a feeling of “finality” that you might not want to face.

Some families encounter feelings of guilt, anxiety, or sadness when the task of what to do with an inheritance comes up. While you shouldn’t feel pressured to rush, waiting too long can also be a problem. Make sure your family has the time needed to grieve properly and fully. In that case, a little extra time was warranted. The act of parting ways with grandpa’s old company stock had a feeling of finality and separation they were unprepared for. We don’t think of something like stocks as emotional, which is why what the family felt was so unexpected. The prospect of selling those shares of stock brought a flood of emotions.

The family decided it would be best to sell the stock and use the money for another goal, but when it came time to sell there was a problem. He had worked for years at the same company and passed along a bit of stock in the same company to his heirs. I helped a family once who had recently lost grandpa. 'When they came to the threshing floor of Atad, which is beyond the Jordan, they lamented there with a very great and grievous lamentation, and he made a mourning for his father seven days.' Genesis 50:10 ESV

To be in the right frame of mind to make wise long-term decisions for money your family has inherited, you might need time. The feeling of normalcy can be helpful, but “getting on with it” is not what everyone needs. In our modern society, we feel pressure to get back to a normal routine. We hear about a recognized grieving period as far back as the Old Testament. After the estate is settled and assets have been moved into your family’s name, what should you do next? A qualified attorney, CPA, and fiduciary financial advisor can all play an important part. There’s important steps that need to happen as part of settling a loved one’s affairs and estate. One of the ways you can honor the gift is to be a good steward. An inheritance of any size can bring a wide range of emotions with it. In the midst of grief, it can be a challenge to get a handle on everything. When your family inherits money, it’s usually from a close loved one.

Good steward of money