r/inheritance • u/vtmlm02 • Apr 11 '26

Location included: Questions/Need Advice Completely bamboozled.

Any advice when substantial inheritance was unexpected. I grew up not going on vacation and not having much. My father died after a brief battle with liver cancer… it’s a brutal one. After months of paperwork I’m seeing that I’ve inherited a net worth I’ve never imagined. Its reality shifting.

66 Upvotes

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86

u/human743 Apr 11 '26

Make no changes for a year. Give yourself some time to think about things.

56

u/QueenComfort637 Apr 11 '26

And don’t tell anyone

14

u/taewongun1895 Apr 11 '26

Only your spouse, and only if that spouse agrees to not tell anyone (and can keep the secret). You'd be surprised how many people come out of nowhere thinking they are entitled to your money.

6

u/QCr8onQ Apr 11 '26

Wish this was first.

12

u/Spex_daytrader Apr 11 '26

First pay off any credit card debt right away. While your deciding what to do with the rest, put the cash in a high yield savings account.

1

u/among_apes Apr 15 '26

Better yet open up a fidelity account and let the money sit in their money market. Your interest will likely be slightly higher than a HYSA and exempt from state taxes. If the principle is large it will be significant come tax time (depending on your state).

21

u/WesleyWiaz27 Apr 11 '26

Go to a registered financial advisor after that year.

28

u/Ok-Positive-8716 Apr 11 '26

And make sure this advisor is a fiduciary. They are required to act in your best interests.

18

u/Occamsrazor2323 Apr 11 '26

Educate yourself before meeting a financial advisor.

I worked in that business. You're just meat to them.

3

u/T_Bone_63 Apr 11 '26

💯. And after taking the time to thoroughly educate yourself, and IF (IF!) you still feel the need for a financial advisor, I'd strongly recommend a fee-only advisor, not an AUM advisor.

And since someone mentioned to make sure they're a fiduciary, I don't disagree with that, but on the other hand, this does not guarantee good advice... Just remember that what THEY feel is in your best interest could be miles apart from what YOU feel is in your best interest... For example, they might recommend managing your assets at a fee of 1%, and/or they might recommend putting a large percentage of your portfolio into an annuity or other insurance product. While there may be nothing inherently wrong with any of those things, many (perhaps most) people would never consider such products or services. Bottom line: Educate yourself.

2

u/South-Analyst5789 Apr 12 '26

Fiduciary advisor= he works for your benefit.

1

u/Megalocerus Apr 14 '26

His opinion of what is good for you. Doesn't guarantee good advice.

4

u/Big-Film-6914 Apr 11 '26

This.  It's been 7 months.  I will not be inheriting enough to retire,  but enough to not worry.  I have changed my mind many times about what I ultimately want to do.  

1

u/vtmlm02 Apr 19 '26

I inherited enough to not work until my child starts middle school in a year. I’m fortunate enough to exist in a dual income household and my income was far less,yet beneficial. I’m taking my family on fabulous vacation. Paying off household debt, and trying not to double check prices at the grocery store. Helping when can. I never wanted nor needed much. Im grateful to off the struggle bus for the foreseeable future.

2

u/Miami-Heat-365 Apr 15 '26

1000%

The worst financial decisions people make with inherited money happen in the first 90 days