- March 31, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Inherited Money and Financial Advice
## Seeking Solid Financial Advice
Hello all,
IÔÇÖm hoping to receive some solid financial advice, other than the banker that is holding the account at the moment.
I am the beneficiary on an inherited account and expected to receive about 100k. IÔÇÖm looking to pay off my vehicle and credit card.
But there are other dire things I need;
I NEED a new roof like yesterday, and some repairs on our home.
Before expecting this to happen, I had planned on tapping into equity for renovations, I have 3 littles, it HAS to happen.
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## Managing Inherited Funds Efficiently
What should I do? Would it be smart to use a chunk of this?
If so, what should I do with the remainder? What kind of account should I open to maximize growth for my future/retirement/childrenÔÇÖs future????
The AI Legalese Decoder can guide you on how to best allocate your inherited funds to meet your immediate needs while also planning for your future financial security. It can help you explore investment options and savings accounts to maximize growth and provide for your retirement and children’s future.
## Beneficiaries and Estate Planning
Also, should I list my children as the beneficiary on said accounts? My partner and I have been together 15 years, not married, can I list him as well? This is all new to me, I am very low income and have never handled this amount before. I want to ensure I do whatÔÇÖs best for us.
Thanks!
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****** just grabbed a
I hope the memory of whoever passed is a blessing and that they bring you smiles on life’s cloudy days.
1) pay off your card
2) pay off your car
3) fix your roof
4) sweep what is left into a HYSA to be used as a future “oh $nap!’ fund for when something else goes wrong.
You can use this $100k windfall for the roof and credit card debt and all that, but what’s going to change going forward? I would need to know a lot more about your financial situation to give any real advice.
your logic is correct; pay off the debts including credit card debt, etc. .. after that have some amount of emergency savings built up (2x monthly or what you feel comfortable with), then do high yield saving.
Ask to see if you can get favorable financing for the roof repair with installer. If not, see what you can get for HELOC rate and then compare vs savings yield (interest earned vs expense; which is more advantageous).
Yes have a designated beneficiary .. someone you want the money to go. There is a form, you can fill out with bank, brokerage, retirement, … in my example, same form to fill out, with these 3 firms (assuming you have these 3 kinds of accounts).
For your kids, look into 529 plans. [https://investor.vanguard.com/accounts-plans/529-plans](https://investor.vanguard.com/accounts-plans/529-plans)
for example, sec yield 5.27%; [https://investor.vanguard.com/investment-products/mutual-funds/profile/vmfxx](https://investor.vanguard.com/investment-products/mutual-funds/profile/vmfxx)
Read the [guide](https://www.bogleheads.org/wiki/Managing_a_windfall). Think it through. Then decide.