Have you ever received an inheritance? If you have, you might be familiar with the bittersweet mix of emotions that comes with it. Since inheritances are normally left to you by a close relative or friend, you will be overcome with sadness at first. But then once the mourning period has passed, you can begin to contemplate what to do with your sudden wealth. Inheritances are usually found as part of the process concerning wills and estates. So what do you do about it, especially if you live in Virginia?
Handle the Emotional Aspect
As mentioned above, the first step in dealing with an inheritance is to process all of the emotions associated with it. The dispositions of any bequests are secondary to the loss that you’ve experienced. Even if you had prepared yourself and accepted that someone close to you was about to pass on, it doesn’t make the process of grieving for them any less painful. You should wait until you can think clearly and rationally before interacting with anything relating to your unanticipated inheritances. After all, you might not have just inherited money and other financial concerns.
Get Legal Advice
Once you are ready to move on, the next part of the process is to get some legal advice. Laws regarding inheritances are different depending on the state you live in, so what the law says if you live in Virginia or the District of Columbia might not apply if you live in Maryland, and vice versa. Even if you think you are well-versed in the subject to know how to proceed, you should consult a legal professional to make sure you don’t make any mistakes.
Think About Taxes
During the estate planning process, you will have to decide how inheritance taxes work. Inheritance taxes are another reason to rely on professional advice. That said, you might not be entitled to the entirety of the lump sum or even all of the other monies involved if it is going to be distributed over an interval of years. Before you can start using the money or plan on investing it, you should be aware that you will need to pay taxes on it.
Remember Your Family
If you are the one who has drawn up a will, remember your family. The estate should be arranged in a way so that your inheritors will be well-cared for after you are gone.
Consider Your Needs
Ultimately, you should consider your own needs. What you do with the money you’ve received is up to you, so long as the proper channels are addressed.
Get Representation from The Carlberg Law Firm Today
Ready to tackle your legal issues head on? The Carlberg Law Firm provides all the experience and knowledge of a larger firm with the personal attention and commitment of a smaller firm. We represent individuals from both the District of Columbia and Virginia, and our attorneys have extensive experience in all aspects of family law. Our offices are located in a beautiful 1875 historic building in Old Town Alexandria at 413 North Washington Street, Alexandria, Virginia 22314. Please contact us to set up an appointment at (703) 549 5551 or connect with us on Facebook and Twitter.