Advice for Heirs and Beneficiaries

A recent article designed for a non-attorney audience explains how to “[u]se an inheritance wisely and well” and suggests “strategies [that] can help * * * make the most of a generous legacy–and keep [the] windfall from becoming a pitfall.

The suggested strategies include:

• Take a time-out.
• Park the money.
• Handle emotions first.
• Solidify your relationships.
• Ask “What if?”
• Pay bad debt and save.
• Spend in baby steps.
• Have fun.
• Get help.

See Gregory Karp,  Inheriting the Windfall, Better Homes & Gardens, May 2006, at 146.