Put your inheritance to work
How to make sure the assets you receive last for years to come.
Did you know? The average inheritance is just above $69,0001
Consider some of the following when making financial decisions with your money:
Get your financial house in order
Pay down high-interest (credit card) debt and create an emergency fund of 6 months of living expenses.
Make your money work for you
Now that you have savings, consider contributing to an IRA or a 529 for college savings if you weren’t already or increasing the amount.
Minimize your mortgage
Consider using a portion of your inheritance for closing fees to refinance your home loan for a better rate or shorter term.
Set aside funds for shorter-term financial goals
Limit the amount you spend on short-term ‘wish list’ items; however, if you’ve made smart decisions with your inheritance, you can feel good about using a portion of your money on a family vacation or a new car.
Resist the urge to use all the funds
Your inheritance could be an opportunity to start building wealth and create long-term stability for you and your family and for long-term goals.
Explore these and other possibilities by speaking to a personal banker or a Merrill Edge Financial Solutions Advisor, and get the guidance you need to make the best decisions for you.
Bank of America