I inherited a lot of money. What now?

It’s no surprise that many people who have inherited millions of dollars are unsure what to do with their newfound wealth. The opportunities to become a multi-millionaire overnight can be overwhelming, especially at a time when most are grieving the loss of a parent or other loved one.

I often work with people of many different ages who have suddenly become wealthy from a windfall inheritance. While it is necessary to develop a comprehensive financial plan, it’s not the first step. Instead, I try to use money to determine each person’s starting point. Many people fall into one of three categories:

  • They are considering how to manage their wealth, but the money hasn’t arrived yet.
  • They have their inheritance—often millions of dollars—but they still grieve the loss of a loved one and seek guidance on next steps.
  • The inheritance has long been in their bank account, but they still have no direction and cannot make decisions.

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