Managing an Inheritance

If a loved one has recently passed on, you may find yourself coming into a large inheritance. In fact, Interest.com reports that around two-thirds of people over the age of sixty intend to leave behind an inheritance to their children, and the Center for Retirement Research estimates that the average inheritance amount is a nice $64,000.

Getting such a large sum of money all at once might sound like a great thing, but what would you do with that money? Would you know how to manage it effectively? Most people don’t, which it’s why it’s extremely advisable to seek assistance from a wealth management company.

Before you do that, however, understand that actually acquiring the money can take awhile and you should give yourself a little “downtime” before you start

rushing into any plans. Focus first on things like funeral planning and grieving. Then, once you’re able to move on a little bit, you should open a new checking account for your funds and pay off any outstanding debts.

Then, and only then, should you start thinking about investing the money and making it go further. For assistance with this or any part of the wealth management process, know that you can always contact Platinum Financial Associates, Inc. of Naperville.

Related articles

• Why a Money Manager is Vital After an Inheritance (mint.com)