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Mistakes to avoid with your inheritance money

Approximately 33 percent of Americans will receive at least one significant inheritance. This money will no doubt be very useful to you in paying off long-term debt like a mortgage, or helping to finance a child's education. However, there is also the danger that you could squander the inheritance unwisely. This happens more often than you might think.

Here is some advice you'll want to consider following a big inheritance:

-- Avoid thoughtless spending: You might think you're only committing a minor indulgence, but a habit that starts out small could quickly expand into spending that's out of control.

-- Get a financial advisor: If you've received a significant sum of money as an inheritance, then you're financial situation will have drastically changed. As such, your overall financial and investment strategy may also need a change. An advisor can help steer you on the proper path.

-- Don't rush into a big financial decision: Your bank account may have doubled, tripled or expanded to a level that you never dreamed of overnight. This doesn't mean you should take immediate action. It's best to put the money somewhere safe and not spend it. Let it sit for a while so that you can get used to what it feels like to own so much money. After a half a year, you'll be making much better decisions when you consider making any large investments or purchases.

If you're set to receive a large inheritance, you may also need the services of a Tennessee probate and estate administration lawyer who can help you navigate the various legal aspects of a large inheritance. An estate planning lawyer can assist you in navigating other family members, estate taxes, probate and more.

Source: The Street, "Getting an Inheritance? Don't Make These Mistakes," Brian O'Connell, May 20, 2017

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