VanNess & VanNess, P.A.

How to handle a cash inheritance

A will in Florida determines how assets should be divided after the estate owner passes on. Those who are left money in a will may need to take a variety of steps to actually receive the funds. The first step is to talk to the executor (assuming the beneficiary is not performing this role). At this time, it can be possible to ask about the process of obtaining the money in a respectful manner.

After obtaining an inheritance, it is a good idea to determine if any of it is taxable. If a person receives cash that earned interest while in a savings account, that interest could be taxable. Furthermore, the cash could be used in a way that triggers a taxable event. Whatever is left over can be used to pay down debts.

Eliminating personal debts may be especially beneficial for those who have credit card bills that come with high interest rates. The money a person receives from a deceased loved one can also be used to create and fund an IRA. Individuals can also choose to put the money into a brokerage account that they control. Investing the inherited funds could reduce the urge to spend it or otherwise squander it quickly.

While challenging a will may present a financial and emotional cost, those who feel that they have a strong claim are within their rights to do so. An attorney could review the claim and also act as a mediator during informal discussions. This may help to resolve an issue without resulting in strained relationships between family members during an emotional time.

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