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Seeking Guidance After Inheriting Life Insurance: Questions and Steps Forward

Introduction and Background

Hello everyone, I find myself in an unexpected situation that I never imagined I would be in. Unfortunately, a few months ago, my brother tragically took his own life, and to my surprise, he named me as the beneficiary of his life insurance policy.

Consulting a Fiduciary Accountant

While I am aware that I need to consult a fiduciary accountant, I would greatly appreciate your advice on what specific questions I should be asking during my appointment. Being well-prepared for the meeting will help me make informed decisions about managing the assets I have inherited.

Current Financial Status

To provide context, I currently have $440,000 in my bank account, which is earning a mere 0.25% interest in a standard savings account. However, my bank has informed me that I can transfer this amount into a special savings account that earns a higher interest rate of 1.85%. With this in mind, I plan to call my bank tomorrow to explore this option further.

Additionally, my brother had named my two children as beneficiaries of his GI bill. At present, I am uncertain if I should continue contributing to this GI bill or if it would be more appropriate to withdraw the funds and establish a new account for my children’s education. Any suggestions or insights regarding this matter would be highly appreciated.

Dealing with Debt

In terms of personal debt, I currently have around $10,000 in credit card debt, which I am determined to pay off independently. I have already paid off my car loan and managed to clear a significant portion of my largest credit card debt. Furthermore, I had additional expenses related to my brother’s celebration of life, which I covered personally.

Future Plans and Financial Advice

In order to provide stability for my family, I have been renting from my parents, who have generously assisted with childcare responsibilities. However, as my children are growing older, I plan to purchase a house of my own next summer. Considering the median house prices in my area, which are around $500,000, I understand that careful financial planning is crucial.

To provide a better understanding of my financial situation, my annual gross income is $97,000. Given this information, I would greatly appreciate any advice or tips on how to make the most effective use of the funds I have inherited to secure a better future for both myself and my children.

How AI Legalese Decoder Can Assist

In this difficult time, one valuable resource that could greatly help me during this process is the AI Legalese Decoder. This intelligent tool is designed to decipher complex legal jargon and assist individuals in understanding their legal documents and contracts more easily. By utilizing this technology, I can gain a clearer understanding of any legal processes I may encounter, ensuring that I make well-informed decisions while managing the assets I have inherited.

In conclusion, I would like to express my gratitude in advance for any advice or insights you can provide to me during this challenging time. Your input will undoubtedly make a significant difference in my ability to plan for a stable future for both myself and my children. Thank you, Reddit community.

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View Reference


  • BaiterMaster69

    HereÔÇÖs my uneducated two cents..

    1. Pay off the cc debt
    2. Split your extra cash between two separate High Yield Savings Accounts (HYSA) so that all of your money is covered under FDIC
    3. Wait to speak to a fiduciary and at least 6 months before making any other decisions.

  • Grevious47

    I mean I dont want to get into it but are you sure his policy will pay out once they hear the cause of death? Life insurance typically does not pay the benefit for suicide.

  • EyeAskQuestions

    Take a chunk for your emergency savings and put it into a high interest account.

    Take the rest and invest it in zero to low cost index funds in a brokerage account.
    Continue save and invest into your tax advantaged accounts and aim for a savings rate of 30% or greater.
    Also kill any debt you have ASAP.


  • GB1290

    First and foremost, I am sorry to hear about your loss. I canÔÇÖt imagine getting that phone call, that must have been a very hard time for you and your family.

    Now what to do with the money. I would encourage you to move it into two different HYSAs, making sure to not keep your total under 250 in each account as thatÔÇÖs what FDIC insures. This is a temporary solution while you decide what to do with the money long term. I think of this two ways, either put the into a taxable account and invest in a broad market fund like vti, forget about this money for 30 years and your retirement will be taken care of, or use it to purchase a home and have no mortgage payment, then invest the money you would have been paying in a mortgage. Keep in mind if you budget for a house was 400k, this does not mean you spend 900k now.

  • jc16180

    Have you considered high yields savings? Some of the ones that offer them are online-only, but Citibank does offer a high yields savings at around 3.75-ish% if you prefer a brick and mortar place with branches.

  • Momofboog

    There is a flow chart [here]( that shows step by step how to manage your money.

  • flamingnomad

    Place a portion of it into an HSA account for medical expenses.

    Buy extra land in an up and coming area to sell or build on later.

    Invest some in a Roth account. You have more than enough to max out your investment this year for retirement($6,000 max).

  • honeybear3333

    Fidelity spaxx is 4.75

  • Popeholden

    this isn’t a lifestyle-changing amount of money, so the steps are pretty simple if you ask me.

    1. If you don’t have 6 months expenses in an emergency fund, take that amount out and put it in an HYSA
    2. Pay off your debts in full.
    3. decide on your budget for a home (the same amount you would have without this windfall in your pocket!) and put back a 20% down payment into another HYSA. about 60k probably. With your income my cap on house price would be $350 or so…
    4. max out your tax-advantaged retirement accounts for the year.
    5. put the rest in a vanguard account, park it in VTSAX, and leave it there.