Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Wednesday, July 17, 2013

Tips on Managing an Inheritance

Windfall

A recent study estimated that two-thirds of baby-boomer households will receive an inheritance over their lifetimes, with the median being $64,000.  If you are fortunate enough to receive an inheritance, here are eight tips to help prudently manage it:

  1. Set financial goals to provide direction for the type of investments that should be made.
  2. Review your estate planning to see if the newfound sum of money warrants the creation of a trust to provide for your family.
  3. Review your insurance planning to see if increases on your policy’s liability limits are in order.
  4. Consider paying off any debts.
  5. Establish an emergency reserve.
  6. Rethink commingling inheritances in a joint account, as this will lose its protection as separate property.
  7. Consult with financial professionals.
  8. Set aside a small amount to treat yourself.

See Marc Hebert, Money Matters: Tips for Managing an Inheritance, WMUR.com, July 11, 2013.

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