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Ontario estate beneficiary advice: Using inherited money well

People who spend hours fashioning comprehensive estate plans likely want to make sure that the person or persons to whomever they leave their financial assets use them well. How to make the best use of inheritance funds in Ontario is one of the most important pieces of estate beneficiary advice available. People who are left a good chunk of money can plan wisely for their retirement years.

Making hasty decisions about what to do with the money could be the worst move possible. Getting a sizable inheritance may have come as a surprise, so time is needed just to sit back and think about things, including the financial future. Being on the receiving end of an inheritance may mean that any debts owing could be paid, especially those carrying hefty interest rates. It could also mean breathing easier financially.

The funds could also be socked away in case of emergencies (or at least part of the funds). Unforeseen things happen in life for which money could be needed, and it would be nice to know that there is a cushion for those issues. Those who are not yet retired may want to consider opening an RRSP or getting some life insurance.

If beneficiaries have children themselves, they might want to look into setting up university trust funds for them or starting an RESP. When all is said and done, beneficiaries could use some of the money to treat themselves in a way their loved one would have wanted -- in a way that pays homage to their memory. They may wish to enlist the help of a financial adviser and lawyer.

Losing a loved one causes great pain. Knowing the deceased person cared enough to leave his or her loved ones something in a will eases the pain somewhat. Getting estate beneficiary advice of a lawyer in Ontario when it comes to being on the receiving end of a will may help a beneficiary make prudent decisions about what steps to take and what legal ramifications are linked to those funds.

Source: moneycoachescanada.ca, "How to Make the Most of Your Inheritance", Janet Gray, Accessed on Jan. 15, 2018

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