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What Future Heirs Can Anticipate Doing with A Sudden Cash Windfall

March 8, 2018

Filed under: Inheritance — Laura Pennington @ 9:15 am

Those who want to pass on assets spend a lot of time determining who should get what, but this means that sometimes how that person will handle the money is forgotten entirely. 

A recent study completed by Accenture anticipates that between one and three trillion dollars will be transferred to heirs through 2050. Many of these people may never have inherited a large amount of money before presenting questions about managing these large windfalls.

Many professionals in the financial field recommend taking some time to avoid any action at the outset because this is more of an emotional process than simply winning the lottery.

This is not just a windfall because it is what is being given by someone who is no longer around. Moving too quickly can also lead to poor decisions and spending opportunities, like taking advice that could be regretted down the road or spending later. Plan on how you may deal with stress from relatives and friends about their recommendations regarding how you invest or spend the money.

It is very common for families in the position of a sudden windfall to argue over the outcome and how the money should be spent, so you should have a plan in place for addressing these issues with cooperation and care.

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