Inheritances

[just]

My parent's estate settled about 3 months ago. I've been delaying on transferring my portion saying that it was because of the exchange rate, and it was ... it's gone up 4% which translates to a fair whack of money...

But really ... I don't want it. I get teary just thinking about seeing it in my account. My Dad worked so hard to earn that money, and my Mam supporting him. They never went all out on anything, there were so many trips they didn't take. And of course because of the financial leg up they gave us all, and the financial example they set for us, we're all lucky enough not to need this money...

Anyhoo, we're doing just fine - retirement, debt, savings, house, luxury. I think at some point I'd love to go back for my doctorate, at least part time, and would like to pay out of pocket. My dad left school at 12 and my mam at 15, and was so proud when I graduated college with my BA and MA. That seems fitting.

I know the guides say not to make any immediate plans for it, but it seems like a shame for it to sit in a 1% account. 

Anyone dealt with this? What did you end up doing?

[nsl]

First, I am so sorry for your loss.

I totally understand how conflicted you feel about the money—I felt the same way when my grandmother passed and I learned that she’d left me something. She also never had the opportunity to go to college even though she was brilliant, and I decided to apply to an MA program in part because I knew how proud she’d be of me, and how happy she would have felt knowing that’s how I was spending my inheritance.

I graduated from that program in 2014, and I think of her often when I see my diploma hanging on my wall, or when I talk to a colleague or student about completing it. I was very fortunate to have that money come along at a time when I could use it for that purpose. We could have afforded it without the inheritance, but with it we were able to be more comfortable in our day-to-day lives.

[notsopicky]

I received 3 lump sums of money from my grandfather as part of his estate. All three times I let it sit in a regular old savings account until I knew what to do with it. All three times it went towards (or will go toward, in my current situation) to buy real estate. Every time I think about buying my houses I think about my grandfather, and how that money went to invest in something so important. He would be so proud of me (that I saved it for something significant, rather than pissing it away on handbags, lol).

If you want to use that money for school, go for it. In that case, I'd just leave it in a savings account, so that you can draw from it when the tuition bills come. That's what I did for the first 2 houses, and now that we are thinking about buying a vacation home, the last parcel of $$ is sitting in the account waiting for us to find the property.

[simpsongal]

I think honoring your loved one by spending the money responsibly is the best thing you can do. We got some money from my grandparents, we added to it and built our screened porch. We think of them when we're out there, and it's a place we spend so much time with family and friends.

Meanwhile, my older brother used his inheritance to pay off credit card debt (which is back for him) and my twin used it for drugs...

[orval]

I understand the feeling of being paralyzed. I am dealing this right now. I have one more account to transfer. The bulk of the $ is sitting in my bank account. I am planning on putting it in the market slowly in smaller amounts to gain more than the 1%. I don't have any immediate plans except to retire in a few years. So I am saving for that. To me, just working through all of the details of getting things transferred to me was a giant pain. So once I had it in my name, it was a big relief. I am in no huge rush to move it to the market, although I know I need to get that done.

[Pom]

just, I am so very sorry for your loss.

I think it is totally normal to be in no rush and have feelings of resistance to changes in a situation like this. My mom passed in November of last year and I am having a tough time with all of it and a good portion is still sitting in her original investments, checking and money market. Some of it, we have had to deal with and I finally pulled myself together to do so (as the executor/trustee), because it impacts not only myself, but also my sister. Just prior to the shut down and tax prep time, I had it transferred to our names, but deciding on a course from here is tough with the market volatility and for my own household, my H is furloughed to half time. His industry is cratering so this is also my rationalization for delaying. Like you, we are solid financially but if we needed any liquidity, it is nice to know that extra safety net that is easily available instead of selling other investments in a down market.

We also have cash rents from farm land that has been in our family for multiple generations, so we have that cash coming in as well. It all feels very overwhelming. My sister is 12 years older than us and not experienced with investing, so she is leaning on me for assistance as well. All this to say, I truly believe that you will be ready at the appropriate time. With all the market and economic volatility, I feel comfortable waiting to make any large adjustments and investments. The low interest sucks, but I also feel like a steward of the money, and safeguarding it is more important than any additional income we are missing, you know? Our personal earned money, I feel less attached to than the inheritance if that makes sense. I have been comfortable donating quite a bit. Food banks and charities that serve as safety nets for at risk folks and families that are extra strained right now. That feels right.

I know my post doesn't help you with your question per se, but wanted you to know that you are not alone. Good luck in your decisions.