Navigating a large inheritance is one of the few times in life when grief and complex financial decisions collide. In my 25+ years as a financial planner, I’ve seen that the biggest mistakes are almost always made in the first 90 days. A period driven by emotion, not strategy.
The overwhelming nature of the probate process, the confusion around the Executor of the Estate’s duties, and the fear of massive, unexpected tax bills can lead to a state of paralysis or, worse, rash decisions.
This is why I distilled my professional framework into the Inheritance Timeline Checklist.
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Inheritance Timeline Checklist
MICHAEL RYAN MONEY
The Inheritance Timeline Checklist: Your First 90 Days
A step-by-step guide from Michael Ryan Money to navigate the process with confidence and clarity.
We understand that receiving an inheritance can feel overwhelming during an already difficult time. This checklist is designed to help you focus on the most critical tasks and avoid common mistakes. Remember: take it one step at a time.
Section 1: The First 48 Hours – Protect & Pause
Take a breath. Make no rash financial decisions (no new cars, no quitting your job).
Secure physical assets (change locks on the home, secure vehicles and valuables).
Order 10-15 certified copies of the death certificate (you will need them for everything).
Notify the Social Security Administration and former employers of the deceased.
Section 2: The First Two Weeks – Assemble Your Team & Gather Facts
Contact the person named as the Executor of the Will or Trustee of the Trust.
Schedule initial consultations with your “A-Team”:
Certified Financial Planner (CFP®)
Estate or Probate Lawyer
Certified Public Accountant (CPA)
Create a simple journal or spreadsheet to track all communications and expenses.
Open a new, separate checking account in the name of the estate to handle expenses and deposits.
Section 3: The First 90 Days – Discovery & Strategy
Meet with your A-Team to get a full inventory of all assets and debts.
Obtain formal appraisals for real estate and other valuable property to establish the “stepped-up basis.”
Work with your CPA to understand potential estate, inheritance, and income tax liabilities.
Create a short-term budget and liquidity plan for the estate’s cash.
Review and update your own beneficiary designations on your retirement accounts and insurance policies.
💡 A Planner’s #1 Tip:
Do not pay any of the deceased’s debts from your personal funds. All legitimate debts should be paid from the estate’s assets during the probate process. Your lawyer will guide you on this.
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