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What To Do With Inherited Money & Investment Advice An unexpected windfall can help stablize your finances and make investing for the future easier. Learn more about what to do with inherited money. what to do with inherited money, investing inheritance

5 tips to make the most of your inheritance

An unexpected windfall can help stabilize your finances and make investing for the future easier. Here are some tips about how to make the most of your inherited money .

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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.

1538.com, “How Many Kids Have Trust Funds” (2014). Based on 2013 data from the Federal Reserve

Bank of America

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Put your inheritance to work for you. Consult a Bank of America banking specialist to help determine the products and solutions that work best for you.