‘I have absolutely no clue what to do’: My sister passed away and left me with $3 million in cash, 264 acres of property, and more. How can I navigate this newfound wealth?

Hi Money Minder,

So, I’m 37 and living in the SE United States, and let me tell you, my bank account has never seen more than $5,000 at once. I’ve got around 75k stashed away in my Fidelity 401k, but that’s about it. Oh, I have a mortgage of about 30k, but at least my truck is fully paid for.

Now, here’s where things get interesting. Tragic as it may be, my sister passed away last week. And guess what? She left me more than 3 million dollars in cash, along with properties, houses, vehicles, and a bunch of other stuff. I mean, wow, right? I had no clue she was sitting on this kind of wealth.

So, I reached out to her lawyer, the first time I’ve ever dealt with one, to figure out what I need to do with all these assets. And let me tell you, the lawyer wasn’t much help. His advice? Pay off my mortgage and have a good time. Seriously? I’ve got a stack of documents with account info, property deeds, and a life insurance policy sitting there, untouched.

I’m completely lost here. I don’t even know where to start. Who should I be calling for help? Any tips from you would be a lifesaver right now!

Farewell,
Financially Clueless

Response from THE MONEY MINDER:

Hello There,

While it may be difficult to process such a sudden and significant inheritance alongside the tragic loss of your sister, I want to extend my condolences for your recent loss. It is clear that you find yourself in a unique and overwhelming situation.

Given your honest assessment of your financial experience, it’s important to approach this newfound wealth with caution and practicality. Before making any major decisions, it would be wise to seek the advice of a trusted financial advisor. Look for a reputable and certified professional who can help you navigate the complexities of managing such a substantial amount of money, investments, properties, and assets.

In the meantime, taking stock of the various accounts, property deeds, and documents provided by your sister’s attorney is a good start. Begin by educating yourself on the details of her estate, including the life insurance policy and any tax implications associated with the inheritance.

Consider using a portion of the cash inheritance to pay off your mortgage, providing you with financial security and peace of mind. Set aside some time to conduct a detailed inventory of the properties, vehicles, and other assets left to you. It may be beneficial to consult a real estate agent or property manager to help you assess the value of the properties and explore your options for managing them.

Remember that wealth management is a long-term endeavor, and taking the time to understand your financial situation and seek expert advice will set you up for success in the future. Rest assured, with the right guidance and careful planning, you can make informed decisions that will safeguard and grow your newfound wealth.

If you require further assistance or have additional questions, feel free to reach out to reputable financial professionals in your area. Take things one step at a time, stay informed, and don’t hesitate to ask for help when needed. You have the opportunity to build a secure financial future with this inheritance, and with the right approach, you can make the most of it.

Warm regards,
THE MONEY MINDER