I am about to receive a very large inheritance from my parents and I have no idea what to do with it. Help
I don’t want to say the exact number for privacy reasons but let’s just say my inheritance is in the 8 figures ballpark.
This is a monumental amount of money and I don’t want it to ruin me. I’ve heard horror stories of folks running into money and letting it be their downfall.
My parents worked very hard for this and had amazing careers the both of them, and I will absolutely not squander it.
For background, I have a decent savings at my age (30s) but I no longer work as I stay home with the kids.
My husband makes a great living already (north of $200k/year) so it’s not like this money is something we were depending on or anything. We already live a comfortable life.
Do I consult a lawyer? A financial advisor? Both? Continue using my parents’ financial advisor?
- Yes. Seek help with the finances. But do background search beforehand, to make sure the people advising you are legit. If the financial advisor your parents used has worked well for them, I don’t see why not ask for their services.
- I would reach out to a financial advisor and possibly a lawyer about how to handle that kind of funds.
- I don’t think you need a lawyer, but definitely a financial planner. Consider the one your parents had, but ship around a bit so to speak.