10 Ways to Spend Your Inheritance Fund
If a loved one left you an inheritance fund, you may be excited to spend it — but how you go about it can honor or disparage their gift to you. According to a study by Market Watch, one in three Americans who receive an inheritance waste it away. You can be different by directing the fund towards meaningful things. Discover ten ways to spend your inheritance in a way that honors your loved ones.
1. Host a Beautiful Wedding
What is a more honoring way to use your inheritance fund than hosting weddings? Weddings are communal events that celebrate love and life. If your loved one left you a massive estate, you can use it to create lasting memories for others. Some people want to have mountain weddings, and others want to be in places with sentimental value, such as farms, wineries, and historic homes. Keep your hosting costs low to encourage all types of couples to your property.
To keep the property that’s part of your inheritance pristine and wedding-worthy, hire a maintenance crew. They’ll ensure every nook and cranny is spotless. Maintain the general structure and historic sense of the home through regular maintenance. The only transformation you can consider for the property is that which embeds your loved one’s values and interests. For example, you can add more efficient fixtures to honor their love for sustainability.
Focus on offering a personalized and welcoming atmosphere. Some couples go through an exhausting process of looking for a venue and planning their wedding. Use your loved one’s property and lifelong worth of work to create a seamless experience in an industry marked by competition.
2. Improve Your Appearance
You can use your inheritance fund to improve your appearance in honor of your loved one. Most people have many improvements they’d like to make but can never attempt them because of the cost associated. An unexpected windfall allows you to try that exclusive gym membership, put on braces, or go under the knife. That doesn’t mean going on expensive medical vacations that consume all the funds.
You can invest in fitness and wellness. For example, you can now buy those supplements you have meant to try but could not. You can set an appointment with a renowned nutritional consultant. Investing in your wellness can have a long-lasting impact on your well-being and happiness. It’s no doubt your loved one would want that for you.
Improving appearance is not limited to cosmetic procedures and gym membership—it also means dressing well. You can allocate some of the funds to a shopping treat. Don’t feel guilty for picking a bag you’d ordinarily not pick. A small, unexaggerated shopping spree can raise your mood and make you a little happier.
3. Fix Your Car
Does your car give you trouble with the slow engine and window cracks? Your inheritance fund is a time to fix your car, especially if it isn’t sizable enough to buy a new car. A fixed car will give you peace of mind, especially on the road. If you are using a car your loved one used, fixing it creates a legacy on which you can remember them.
You can start by fixing existing mechanical or worn-out parts. Auto glass repairs are suitable for cracks and bending that affect the driving experience. You can also fix cosmetic damages, for example, by maintaining the car. Yet fixing your car can also include upgrades. For example, you can install a backup camera or a sound system to improve entertainment options.
Taking care of your car helps you honor your loved one by being responsible with resources. It can be your tribute to their craftsmanship, attention to detail, and pride in ownership. It can also symbolize connection, especially if you used to share rides and create memories in that vehicle. Even more, fixing your car can be a way of emotional healing, especially if your loved one just passed.
4. Pay Off Bills
The most obvious way to use your inheritance fund is to pay off bills. Paying bills may seem so rudimentary for some, but many Americans can’t afford to pay some of their bills. According to Lending Tree, 61% of Americans struggled to cover the cost of a bill six months before the study. While tempting, don’t start spending your inheritance on luxuries before covering expenses.
Instead, start with your debts. Loans, no matter how small, attract interest. Interests eat into your income and lower your purchasing power. So, depending on the size of your fund, pay off every debt you can. Also, settle any debts that are overdue to avoid penalties. Student debts are some of the loans with long-term implications, so settle it early so you can enjoy the rest of your inheritance.
Next, consider your most important bills. Start with basic needs, so therein goes rent and mortgages. You can cover a few months to direct your income towards savings. Also, pay your health bills, such as a doctor’s visit or a scheduled eye exam. Covering your most essential bills first helps you have space for a few luxuries.
5. Renovate Your Home
Another exciting way to use your inheritance fund is to renovate your home. When you are operating on a normal income, house renovation can take the back burner. If you recently came to ownership of a sizable fun, it’s the perfect time to call the scaffolding services. A home redo can help you heal and appreciate your loved one for gifting you a generous gift.
A good place to start renovating is your kitchen — it’s the heart of the home. You probably have lasting memories in this space, so redesign it to express the spirit and values of your loved one. You can upgrade appliances to give a more visually appealing look. Perhaps a stylish granite countertop could provide more functionality and style to your kitchen.
A second place to renovate is the bathroom. According to Zippia, bathroom remodels were among the top three most common home renovation projects. A remodeled bathroom can help you to finally feel at home and even look forward to your evening bath. Add sentimental pieces, such as a rug your loved one fancied, so you can remember them every time you pop into the bathroom.
6. Give Your Loved One a Nice Grave
Remember to give your loved ones a nice grave after receiving your inheritance fund. It’s the most loving way to give them a sendoff. When selecting a gravestone, select one that reflects your loved one’s personality and personifies their legacy. Ensure the materials are durable and are able to withstand time and weather conditions. Some additional elements, such as flowers and decorations, can improve their aesthetics.
Use part of the funds to do regular maintenance. Make it a dedicated fund for long-term grave care. Some service providers exclusively care in cemeteries, so you can consider them. A new graveyard shows you honor your loved one. Once every season, you can arrange for decorations such as flowers. It can also be a good time to remember them and reflect on how life has been since their passing.
When a loved one passes, you’ll want a beautiful place to visit them and remember good times. You can hire a professional artist to create a personalized headstone with unique art to give a tribute to your loved one. The memorial plaque can be a conversation starter when you gather to commemorate the deceased.
7. Maintain Your Belongings
Maintaining your assets may have taken a backburner because of competing financial demands. Yet acquiring a sizable inheritance fund offers a great opportunity to do maintenance. For example, you can schedule boat repairs and enjoy a trip to the lake. As a good tip, start by taking stock of all your belongings. You can then list all the maintenance and servicing providers you’ll need for all your assets.
Another idea to consider is service contracts. A service contract covers you for a specific period. For example, you can have your car covered for a whole year. That way, you’d have peace of mind despite unexpected breakdowns. Another way to maintain your belongings with your inheritance is to set apart an amount for storage solutions. For example, you can purchase units for a year, shelves, and cabinets. Thus, you ensure their longevity in a secure location.
Maintaining your belongings also includes cleaning. You can hire professional cleaning services to clean your property, belongings, and assets thoroughly. Dirt accumulation causes your belongings to deteriorate in value. Also, allocate some of the funds to enhance security for your belongings, such as installing a surveillance system.
8. Invest in Your Dream Home
If your inheritance fund is sizable enough, you can skip renovation and invest in your dream home. You’d always think highly of the loved one who made your dream possible. According to Stessa, 6 million Americans are behind on mortgage payments. What a privilege it is to get your house and own it immediately without loans and mortgages.
You should start by evaluating your dream house’s cost versus your fund. Is the fund able to cover the whole budget? Will you need extra resources to cover the electrician, the plumber, and the site engineer? You may have to compromise on some aspects of your dream house if the fund cannot cover everything. Alternatively, you can use your savings to cover any extra costs.
Building a dream house would be a worthy way of spending your inheritance. Homeownership remains a dream for many Americans, taking a sizable chunk of their income. With a home out of the way, you can focus on other elements of living a high-quality life, such as health care and education. You can even add sentimental elements to your home to remember your loved one.
9. Enroll Your Children in a Quality School
Many American parents have to forego quality education because of competing financial demands and a need to balance each basic need. With a sizable inheritance fund, your children can finally get high-quality education in a charter middle school. Besides, your children will get a better start at high-paying careers without the burden of student loans.
If you don’t have a school in mind, start by researching your options. Some schools require high school fees without giving back on value. So, ensure the schools you are considering have value for money. A good way to know more about the schools is to take advantage of open days and visits. You can ask the instructors about their school methodologies and past student results.
During the research process, seek to understand different costs such as tuition, games, and any fees related to schooling. Work with a financial planner to assess if your fund can cover your kids long-term. Regularly remind your children that they can go to school because of a generous gift from a loved one so they can continue the legacy.
10. Hire an Attorney
Lastly, you can use your inheritance fund to hire an attorney. You can have them on a retainer if you anticipate legal needs in the future or currently, if you need one. A drunk driving attorney can help you now if you were involved in such a case involving driving under the influence. If your inheritance has disputes, you can hire a probate attorney to help you get justice.
Apart from a doctor and dentist, an attorney is one of the professionals each family needs. You never know when an emergency will arise. Despite popular belief, not everyone who needs or has a lawyer is a criminal. Attorneys help out in various legal cases that don’t involve any crime.
To bring it all together, getting an inheritance fund from a loved one can be exciting, especially if you didn’t expect it. Yet having an unexpected windfall of money can make you throw all financial caution to the wind. You can now be confident you will use your finances wisely in a way that honors your loved one and improves your life.
