No one really wants to think about losing a beloved family member.
The pain of loss does not even come close to being erased, even if you get left an inheritance.
But, thinking realistically, an older family member with any amount of money to their name may leave part to you if they pass on. But, what do you do with it in this event?
First and foremost, if you find yourself at the receiving end of an inheritance, the most important thing to do is keep it somewhere safe – then grow it. Don’t act impulsively on what you think you should do with the windfall. You have options:
- Investing in stocks to grow your money.
- Repaying debts to secure a better financial future.
- Keeping it for retirement.
- Adding to the RESP of dependents.
- Putting it towards a downpayment on a home.
Deciding what to do with an inheritance can be a tough choice. You may have mixed feelings about what you should do with it if there is an emotional attachment to it. It’s essential to make sure that you do something meaningful with it.
Ultimately, the best option is to speak with a financial advisor to ensure that you get the most out of it. You can book a 15-minute chat with us by calling 513-563-PLAN (7526) (or clicking here to book online) to chat about making your inheritance stretch as far as possible.
Nikki Earley, CFP®