Top 3 things to do when you inherit money
Updated: Jan 29, 2020
The loss of a loved one is something none of us wants to think about, plan for or even discuss. Just as the family and loved ones are dealing with the passing on of their family member and coming to terms with the void left behind, practical considerations intrude, and you are forced to leave your grieving and deal with things like bank accounts, property, investments.
The situation becomes more complicated if the person who has passed on did not leave behind a WILL. In the Indian context, while the inheritance laws are very clear on the rights of daughters, there are abundant cases where girls – especially if they are single – are often cheated out of their inheritance by unscrupulous relatives.
So if you are in a situation where you have been recently bereaved, it is imperative that you are aware of your rights.
1. Equal rights
First of all, remember that the rights of a daughter are totally unrelated to her marital status – whether she is married or single or divorced or widowed, she has equal rights to her parents’ ancestral property as her male siblings; as well as any self-acquired property of her parents in case there is no will. This also applies to all the money left behind by the deceased. If there is a Will, then the self-acquired property is divided according to its provisions. However, it is also very important that the Will is registered.
2. Don’t spend it all
Next, do not use up all your inheritance at once. Getting a lot of money in one go can lead to impulsive spending. Do exercise restraint. However, don’t let it just sit in the bank. Invest it wisely so that you can have a regular income from it. Your inheritance is something your parents have worked hard for. Use it to create a corpus that will keep you financially secure. Create an emergency fund. Set up your retirement fund with it. Losing a parent can leave you feeling alone, but their money will help you deal with the practicalities of life.
3. Ask the experts
To find the right way to invest your inheritance connect with financial management experts. This is so that the inheritance can still provide for you like your parents or loved one would have. You can use the Basis app to find the best way to invest your inheritance. After setting your financial goals, Basis can help you figure out the best investment solutions for you.
To utilise your inheritance to invest for your life goals, download the Basis app.