Sunday, January 13, 2008

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.


Difficulty: Moderate

Things You'll Need

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



Step One

Call a number of financial advisors to find the best profession with which to work. You should consider price, personality, skill, and availability.

Step Two

Hire a lawyer who specializes in estates to make sure that you are legally protected.

Step Three

Pay taxes on your inheritance.

Step Four

Gather the paperwork for all of the things you have inherited. Keep these items in a safe place.

Step Five

Have items like jewelry and homes appraised so that you know their true values.

Step Six

Have your financial advisor completely explain your options. Be sure you understand the choices you make before you make them.

Step Seven

Review your financial options monthly in order to make sure you are still doing the best things possible with your money and items.

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