You are in retirement or moving towards retirement and you receive an inheritance. What do you do with the money or the property?
The answer depends on several factors. What is your current financial situation? What do you expect your financial situation to be in the short term and in the long term? Too many people have little or no idea because they have not done proper planning during the income producing years. You definitely should not expect an inheritance to pay for the rest of your life.
Things happen. People live longer. Your planning should revolve around your resources, not
After evaluating your Money Life, it is time to figure out what to do with the inheritance. Write down your goals (with your spouse, of course). Put together a plan. Then, take action; follow your plan.
If you wish to work with a financial person, choose someone who is a fiduciary, someone who by law must put the client first, someone who does not make money by selling financial products.
If you don’t need the inheritance, think of your Legacy. Your legacy is what you pass on to your descendants as well as your personal contribution to all mankind in the future. Pay it forward; leave the world a better place than you found it.
Money Coach Bill Stanley is a Registered Investment Adviser, a fiduciary who does not sell
financial products. He educates and he coaches. Bill’s passion is financial literacy for all. His
book, “Money Sense for Young Professionals” is a perfect gift for that child or grandchild who is interested in a better money life. Bill has started a private nonprofit, the William Stanley Foundation, as part of his legacy.