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After all,inheriting moneycan be exciting and terrifying all at once.
For these reasons and more, financial expertSuze Ormanrecommends waiting six months before doing anything with an inheritance.
Why 6 Months?
Six months allows you time to process your emotions.
Grief is a powerful emotion, and it can prevent you from thinking clearly.
For example, some people want to live a debt-free life.
Or, you may have dreams of traveling the world.
Knowing what you want can help you determine what to do with your inheritance.
Giving yourself several months of time and space allows you to think about next steps.
If you decide you want to work with an advisor, interview several and explain your goals to them.
An accountant can also help you determine this.
Another common mistake some people make is overspending.
Final Thoughts
Getting an unexpected windfall can be overwhelming when youre grieving.
Thats why Suze Orman suggests people wait six months before making a decision.
Its a good idea to have an attorney and an accountant to help you ensure your file taxes correctly.
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