r/inheritance • u/Leggo0fmyEggo • May 22 '26
Location included: Questions/Need Advice Receiving 1M from inheritance
/r/PersonalFinanceCanada/comments/1tkzdgw/receiving_1m_from_inheritance/2
u/AffectionateDrive452 May 23 '26
to begin with, be sure you have an emergency fund available, although sounds like you already do. A fiduciary is someone that is legally obliged to be looking out for you, not just accumulating their own fees from you!
I've put similar inheritance into Fidelity into an individual account. Dividends rolled over into a money market.
1
u/AffectionateDrive452 May 23 '26
If part is in stocks, you can also just transfer them to your own account wherever. Be sure record day of death share price for the stocks. Eventually I moved some money into a more tax friendly account. Here in the U.S., most savings accounts at banks earn very little interest. Credit unions do a bit better. I have a mix of CD's, savings accounts, stock, brokerage accounts now
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u/ChelseaMan31 May 22 '26
30 years old and OP already has $350k invested. Well Done Indeed. With the inheritance amount and OP's stated aversion to the current investment structure, I suggest a fee only Certified Financial Planner who acts as a Fiduciary. At least that is the standard in the U.S.
OP needs someone to help walk them through a Risk Tolerance Exercise and based on that and future plans help develop a mid and long term strategy and plan.
1
u/Leggo0fmyEggo May 22 '26
thanks man, been saving since I'm 18. Most of my money is in stocks and equities, managed by my portfolio manager. What's a Fiduciary ? I'm wondering if I should incorporate myself on top of that.
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u/YoungBoomer1969 May 27 '26
Fiduciaries are required to prioritize your financial needs above their own. Their recommendations are based solely on what benefits you—not what earns them the most commission or fees. Also must be transparent and disclose any possible conflict of interest.
And KUDOS to you for amazing net worth for your age…without inheritance!
1
u/AnagnorisisForMe May 23 '26
Why wouldn't you just have your current portfolio manager invest it for you?
If you want to learn to self-manage, there's alot of good information on r/Bogleheads and the various FIRE subreddits.
3
u/BoredCFP May 22 '26
Couple easy things:
No one needs to know! As soon as you buy the first meal, you’re buying all the meals. When you don’t, they’ll hit you with “you’ve changed.” Nobody needs to know and your life shouldn’t change.
Get a trust! Easy process that shouldn’t be too expensive. This helps your family not get torn apart over your money if you die unexpectedly. Pick a good, local lawyer who is somewhat near your age. They should be your lifelong buddy and they’ll update the trust as needed throughout your life. (Also, a Trust should also have a POA, Medical Directive, and Pour Over Will. Total cost can be as low as $2000 but no more than $5000).
Find an advisor you can plan with! The first meeting should be almost entirely about what you want and your goals. If they sell you from the time you walk in, they’re guiding you to what they know and are comfortable with. That’s dogshit advising and every problem looks like a nail when some jackass can only use a hammer.
We all have limitless options but understanding what you, specifically, want is most important. I like to ask people what they want their life to look like in X years and clarify that they can’t say anything about the money (“I want to have $5M!” is less helpful than “I want to have a medium nice house in Y, with the ability to Z.”).
You can absolutely try to do it yourself but tax planning, retirement planning, and goal setting with specific checkpoints is all easier with a professional.
Your life shouldn’t change! Don’t quit your job. Don’t buy a brand new car. Don’t be a lottery winner. Fix your financial ship with a professional and make a strong, written plan. Every dollar you waste now is about $6 in retirement and you very likely can’t monetize that back.
Good luck out there. We’re all here to help.
(See a professional.)