What Should You Do First After Receiving an Inheritance?

After receiving an inheritance or taking responsibility for family assets, identify immediate cash needs, legal deadlines, and who has authority to act before making major investment decisions. An estate attorney and tax professional can distinguish time-sensitive obligations from choices that can wait, while a financial inventory provides a starting point for longer-term planning.

Which matters need prompt attention?

Confirm access to money for current bills and identify the professionals handling settlement and filings. Do not assume every decision can wait: legal elections, tax filings, inherited-account distributions, and other requirements depend on the facts.

How can you identify the relevant deadlines?

Ask the estate attorney and tax professional for a written list of deadlines, responsible people, and required documents. The IRS estate tax resources are a starting point for federal filing questions, while state requirements and available relief need individual review.

What is the federal estate-tax filing timetable?

Form 706 is generally due nine months after the date of death, and an extension request on Form 4768 can generally provide six additional months to file. A filing extension does not automatically extend the time to pay; the IRS Form 706 instructions explain the requirements and exceptions.

An estate that is not otherwise required to file under Section 6018(a) may qualify for simplified portability relief through the fifth anniversary of death under Revenue Procedure 2022-32. That relief has conditions and is not a general five-year deadline for every estate, so the filing obligation and any election should be reviewed promptly.

What belongs in the first financial inventory?

The inventory should show what exists, who can act, what must be paid, and which records are missing. It provides the working map for immediate obligations and later planning.

• List accounts, ownership, and the authority required for access.
• Record recurring bills, debts, and expected income.
• Collect insurance, beneficiary, and estate documents.
• Identify restrictions, tax questions, and missing records.

Which larger decisions can be reviewed deliberately?

Large gifts, changes in investment allocation, and a property purchase or sale deserve review in the context of your current needs. Waiting also has trade-offs, including concentration, changing markets, and cash losing purchasing power, so agree on a review schedule rather than an indefinite pause.

How can the planning team make the process manageable?

Ask each professional to explain their role, fees, next action, and the information needed from you. Our guide to taking over family finances offers a practical sequence for organizing the ongoing responsibilities.

This piece provides general education, not individual investment, tax, or legal advice. Investing involves risk, including possible loss of principal; planning does not assure a particular outcome.