Your First 30 Days After Inheriting Money: A Step-by-Step Guide

I was there with her in her final moments, giving her medicine to help with the pain. It was overwhelming, emotional, and honestly, pretty chaotic. There were so many things left unsaid, both good and bad.

Now I want to help you navigate your first 30 days after inheriting money. This guide will provide actionable steps to help you stay organized, avoid common pitfalls, and make thoughtful decisions during a difficult time.

It's probably one of the hardest times you'll go through. You're dealing with paperwork, family, grief, and maybe even people who think they deserve a share. Here's what I learned from my experience.

Also worth a look: 5 Costly Money Mistakes Heirs Make

Week 1: Take a Deep Breath

The first thing you need to know is that most things can wait. Really. Even though it feels like everything needs immediate attention, that's not true. Here's what you should prioritize:

Gather Important Papers

Look for:

• Bank statements
• Insurance documents
• House or apartment deeds and mortgage documents
• Any urgent bills
• Digital account information (online banking, email, social media)
• Cryptocurrency or digital investment details

Contact List

Make a list of people and organizations to contact:

• Insurance companies
• Banks and financial institutions
• The landlord (if there's a rental property)
• Close family members and the executor of the estate
• Tax advisor
• Estate attorney
• Professional appraiser (for valuable items)
• Financial planner (especially for larger inheritances)

Documentation System

Set up an organized system from the start:

• Create digital copies of all important documents
• Set up separate physical and digital filing systems
• Start a log of all communications with financial institutions
• Keep receipts for all estate-related expenses
• Use a password manager for digital accounts

Plan the Memorial

• Focus on the immediate needs of the memorial service
• Delegate tasks when possible
• Keep receipts for all expenses

Most important lesson: Take control of the process. Don't let others rush you into making quick decisions, especially about money. For example, agreeing to sell property without fully understanding its value or signing off on financial accounts too quickly can lead to regrets.

Weeks 2-3: Understanding What You Have

Now, it's time to get a clearer picture of your situation. But remember, you're still grieving, and that's okay. Here's what to do:

Create an Asset Inventory

Document everything you've inherited:

• Money (in savings, investments, or other accounts)
• Property (real estate, vehicles)
• Valuables (jewelry, collectibles)
• Digital assets (cryptocurrency, online accounts)
• Debts (credit cards, mortgages, or loans)

Build Your Professional Support Team

Consider consulting with:

• Estate attorney for legal guidance
• Tax advisor for tax implications
• Financial planner for long-term strategy
• Grief counselor or therapist
• Professional appraiser for valuable items

Understand Tax Implications

• Consult with a tax professional about:
  • Inheritance taxes
  • Estate taxes
  • Capital gains implications for inherited assets
  • Required tax filings and deadlines
  • State-specific tax considerations

Watch for Red Flags

Be alert for common scams targeting inheritors:

• Unsolicited investment opportunities
• "Long-lost relatives" appearing suddenly
• Fake debt collectors
• Charity scams
• Pressure to make quick financial decisions

Identify Priorities

Focus on what needs immediate attention:

• Utility bills, mortgage or rent, and insurance payments
• Estate-specific deadlines and requirements
• Tax filing deadlines
• Insurance claim windows

Key insight: Trust your instincts. Grieving looks different for everyone. Some may tell you how you should be feeling or acting—ignore them. This journey is uniquely yours.

Week 4: Starting to Plan

By now, you should have a better grasp of your inheritance. It's time to think about next steps—but avoid rushing into significant changes.

Self-Care Priorities

• Set clear boundaries with family members
• Consider taking time off work
• Maintain regular routines when possible
• Join a grief support group
• Schedule time for rest and reflection

Financial Planning

Start creating your Wealth Trianlge —but keep it simple for now:

• Savings
• Investments
• Spending (daily and discretionary)

Set aside some "fun money": Treat yourself to something small—a short trip, a new gadget, or a relaxing day. Allowing a little enjoyment can be a healthy way to ease stress.

Money Mindset

Reflect on your relationship with money. Handling a large sum can be disorienting if you're not used to it. For example, it's easy to feel compelled to pay off all debts immediately or invest in a high-return opportunity without proper research. Moving from managing $10,000 to having $300,000 requires a shift in thinking.

See also: 10 Signs You are Bad With Money

Key Takeaways

• Don't rush financial decisions. Give yourself permission to take it slow.
• Allow space for grief. Healing takes time—there's no set timeline.
• Be mindful of your spending habits. If you inherit a significant amount, remember: your monthly income hasn't automatically changed.
• Accept that feeling overwhelmed is normal. You're facing a lot at once—be kind to yourself.

Simple 30-Day Checklistw

□ Obtain multiple copies of death certificate
□ Locate and secure all important documents
□ Set up document organization system
□ Contact insurance companies
□ Notify banks and financial institutions
□ Begin probate process if necessary
□ Create inventory of assets and debts
□ Secure valuable property
□ Contact tax advisor
□ Meet with estate attorney
□ Set up separate account for inherited funds
□ Review and list all digital assets
□ Change passwords on important accounts
□ Start communication log
□ Join grief support group
□ Schedule self-care activities
□ Review insurance policies
□ Handle immediate bills
□ Create preliminary budget
□ Schedule follow-up with financial advisor

I wish someone had shared this advice with me. Remember, you don't have to solve everything right away. Prioritize self-care, and the rest will follow in time.