You're responsible for the finances now. Here's where to start.
After a loss, inheritance, or an advisor's retirement, you may be asking: What do I have, and am I going to be OK?
Get a written plan for your next steps, even if you don't know what to ask.
Start with urgent needs; postpone decisions you can't undo.
Check these first:
- Bills and income. Track income and bills; keep automatic payments funded.
- Insurance. Keep premiums paid and file life insurance claims if needed.
- Access. Confirm logins or find someone who can help.
- Big decisions. Delay home sales, account moves, and new financial products.
List accounts, pensions, insurance, property, and debts, including each one's value, location, and beneficiaries.
You don't need to sort documents before calling. Kelly Payne, FPQP™, helps you identify missing records and organize them securely.
Your plan tests whether income and savings support your spending and shows any changes needed.
Keep it safe while you consider:
- Inherited IRAs. Many non-spouse beneficiaries must empty accounts within 10 years; annual withdrawals may also apply.
- Investments and property. A date-of-death cost basis can reduce tax on a sale.
- Spouses. Options may include treating an inherited IRA as their own.
Your plan fits the inheritance to your goals.
Check these changes early:
- Social Security. Generally, you keep the larger benefit, not both; claiming rules apply.
- Taxes. Joint filing generally ends after the year of death, potentially raising taxes.
- Accounts and titles. Update ownership and beneficiaries where needed.
Your plan prioritizes the steps.
Beneficiary forms can override your will. Your plan identifies updates to beneficiaries, insurance, and estate documents, with attorney referrals when needed.
Not necessarily. Your plan checks investments against your goals, timeline, and costs before recommending changes.
How the Financial Planning service helps
Focus on regaining control:
- An account inventory with values, ownership, and beneficiaries
- A sustainable spending target based on your new circumstances
- Inheritance and survivor choices coordinated with taxes and benefits
- Urgent actions separated from decisions that can wait
You choose which steps to take and when.
Questions people ask before they start
The information on this page is general and isn't advice for your specific situation.
Kevin Jacobs, CFP®, leads every planning meeting.
30 minutes, by phone or video. No fee, no obligation, and nothing to prepare.