For most of us, inheriting $150,000 would be a significant windfall. But what’s the wisest way to spend or invest that money if you’re in the working class? A Texas woman posed that question to Quentin Fottrell, personal finance editor at Marketwatch, and author of The Moneyist column. The woman plans to spend some of the money on a home and on dental work. What advice would you give her on how to invest the rest? Find out what Fottrell recommended at Marketwatch.
Dividing up estates after a loved one’s death can sometimes bring out the worst in family members. A woman whose brother and sister aren’t speaking to her any more and won’t let her in her mother’s house wrote to The Moneyist at Marketwatch looking for guidance. The woman says her sister wrote herself a $20,000 check before their mother died, and now claims a life estate in their mother’s house. She’s so frustrated that she says she’s willing to give up her inheritance. Is that a smart move? Find out why not at The Moneyist.
Whenever a party is disinherited in a will, family drama is sure to follow. Because it’s the deceased’s last message, it doesn’t leave the person who was disinherited a chance to address the reason why. The disinherited person may not know the answer to the statement “for reasons known to them.” Above the Law has more on the dramatics that can come with being disinherited.
After an estate is settled, many people aren’t sure what to do if they receive an inheritance. There’s paperwork to fill out regarding legal and financial issues, and a lot of people may put off making difficult decisions so soon after an emotional loss. Even if you get a large lump sum, many people make mistakes and find out the money doesn’t go as far as they might have thought. CNBC has four examples of poor decisions made by people who inherited money, along with advice on how to avoid those mistakes.
Thinking about saving some money by doing your own estate planning? Perhaps you’ve decided to purchase one of those do-it-yourself wills that are available online. However, doing your own will isn’t always the best route for many people. The Wall Street Journal and Marketwatch take a look at some of the reasons why trying to save a little now could cost your family a lot later.