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KiplingerSep 25, 2022
I've Inherited a Lot of Money. Now What?
It's no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grieving the loss of a parent or other loved one.

SEE MORE How Much of Your Estate Will Be Lost to Taxes? I often work with people in many different age groups who have suddenly become wealthy as the result of a windfall inheritance. While there is a need to develop a comprehensive financial plan, it's 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 are anticipating how they will handle their wealth, but the money hasn't yet arrived.They have their inheritance — often several million dollars — but they are still grieving the loss of a loved one and are looking for guidance on next steps. The inheritance has been in their bank account for a long period, but they still lack direction and can't make any decisions.   It is important to listen to each person's personal story with a windfall of money. Losing an important person in your life is difficult, and reflecting on the impact that person made is just as important. Many people express a desire to do something to honor a parent's wishes. 

Figuring out how to make the best use of an inheritance Here is how I generally approach these conversations to help a person make the best use of their inheritance:

Define their relat

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