I Just Received A $10M Inheritance What Should I Do?

I Just Received A $10M Inheritance What Should I Do?

Christy Bieber  Sun, August 18, 2024  Moneywise

I'm 31, single and just received a $10M inheritance from a parent I didn't know I had — what should I do?

A caller to "The Ramsey Show" experienced a shocking twist when his mom showed up on his doorstep to tell him the two of them had just inherited a fortune — but the news also delivered a major curveball.

"A family friend who she’s known for a long time passed away," the caller told co-hosts George Kamel and John Delony. "This individual left my mother and myself in his will, and according to the lawyer who's handling the estate, it’s worth between $10 million and $14 million."

That sounds like a good thing, but there was more to come. As the caller explained: "In the will, he’s designated me as his son. I’ve never met this man, never met him before in my life."

Talk about a life-changing moment. Not only does the caller have some emotional issues to deal with, he also has to figure out what to do with his share of sudden wealth.

Understanding The Details

Receiving a multimillion-dollar inheritance can be overwhelming to anyone, especially when it's unexpected. The first key thing to do is to understand the details of what this means for your finances.

In this particular situation, the caller explained he wouldn't just be handed the money.

"We won’t necessarily be able to collect the liquid cash," he said. Instead, the money is being kept in a trust and will be doled out over time. "Me and my mom are splitting the dividends, the interest, and whatever income that trust brings in.”

The caller says the trustee, who was the deceased man's lawyer, estimates the average income would be $500,000 a year.

Obviously, this is a complicated way of receiving an inheritance, so the first thing The Ramsey Show co-hosts recommended was talking to a lawyer.

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