Who hasn’t thought about what they would do or buy if they suddenly came into a lot of cash? There is the trip, or the car, or the debts to pay off, or the charity to support that we all think of. Most often, we come into these sudden large sums of cash through the death of a loved one. Sudden wealth, no matter how it comes to you, can be overwhelming. Generally, there is no need to do anything or make decision quickly. Generally, the best thing to do initially is nothing. Leave the accounts as they are for a moment and do your homework.

In the past week I have had this very conversation with the families of two of my clients who passes well into the 80’s. Their children are the surviving heirs and are at various stages of life. The two families felt comfort when I told them they did not have to do anything with their Parents’ account immediately. With both families there will be tax returns to file and Required Minimum Withdrawals to be taken. After that we can address the needs and dreams of each of the children as they feel fit to deal with this emotional and financial change in their lives.

Yes, there has been conversation about a car and a trip, but initially, both families have decided to do nothing. They are grateful for what they have received and the memory of their loved ones.

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