{"id":29722,"date":"2026-10-06T11:53:40","date_gmt":"2026-10-06T15:53:40","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/?p=29722"},"modified":"2026-10-06T15:13:05","modified_gmt":"2026-10-06T19:13:05","slug":"what-to-do-when-you-receive-a-significant-inheritance","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/what-to-do-when-you-receive-a-significant-inheritance","title":{"rendered":"What to do when you receive a significant inheritance"},"content":{"rendered":"\n<div class=\"wp-block-rbcwm-well well is-style-b-blue-tint-4\">\n<p class=\"wp-block-paragraph\"><strong>Key insights:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Generation X and millennials expect to inherit more than $2 million<\/strong> on average, yet just over half feel very prepared to manage it, an RBC survey found.<\/li>\n\n\n\n<li><strong>Pausing before making major financial decisions<\/strong> gives you time to understand how an inheritance changes your circumstances and what decisions align with your long-term plans.<\/li>\n\n\n\n<li><strong>Taking a full inventory of inherited assets<\/strong>\u2014cash, trusts, real estate, business interests or securities\u2014clarifies what you own, what you control and what obligations accompany those assets.<\/li>\n\n\n\n<li><strong>A coordinated advisory team<\/strong>\u2014led by your financial advisor and including tax and legal professionals and other specialists\u2014helps you navigate the legal and tax implications of inherited wealth.<\/li>\n\n\n\n<li><strong>Honoring the legacy behind inherited wealth<\/strong> means preserving the values and intentions of those who passed it down, while shaping your own plan for what that wealth should accomplish.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An extraordinary amount of family wealth is <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/a-new-era-of-wealth-transfer-five-key-takeaways-for-securing-your-family-legacy\">moving from older Americans to the next generation<\/a> (a phenomenon known as &#8220;the Great Wealth Transfer&#8221;), with Cerulli Associates projecting that $124 trillion will transfer to heirs and charities by 2048. More than half is expected to come from high-net-worth and ultra-high-net-worth Americans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An inheritance can create new opportunities and significant responsibilities. In 2024, <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/campaign\/wealth-transfer-are-you-ready\">RBC Wealth Management surveyed 1,500 Americans<\/a> with at least $1 million in investable assets and found that Generation X and millennial &#8220;Receivers&#8221; (those in line for a future inheritance) expect to inherit more than $2 million, on average. Yet only 54 percent consider themselves well prepared to receive that wealth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Their concerns reveal the complexity of the transition. Nearly half of those surveyed worry about managing inherited wealth responsibly, 42 percent cite its tax consequences and 41 percent are concerned about preserving the assets they receive. Another 34 percent identify the emotional difficulty of deciding what to do with an inheritance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even if you know your family has significant wealth, anticipating an inheritance and actually receiving one can be very different experiences.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhen you\u2019re in it, it\u2019s a lot more challenging,\u201d says <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/people\/bobby-lovgren\">Bobby Lovgren<\/a>, head of Wealth Planning at RBC Wealth Management\u2013U.S. \u201cYou can plan for it, but when it actually occurs, it\u2019s a whole different situation.\u201d\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These five steps can help you approach your inheritance deliberately.<\/p>\n\n\n\n<h2 id=\"h-1-pause-before-making-major-decisions\" class=\"wp-block-heading\">1. Pause before making major decisions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A large inheritance can fundamentally change what is financially possible. That does not mean you need to decide immediately what your new life should look like. \u201cThe best move is often to do very little,\u201d Lovgren says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Give yourself time to understand the inheritance and how receiving it changes your financial circumstances before making any major lifestyle changes, expensive purchases or significant investment decisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buying <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/three-things-to-consider-when-buying-a-second-home\">a second home<\/a>, leaving a career or making other consequential commitments may eventually make sense. But having the financial capacity to make a decision is different from determining whether it advances your long-term plans.<\/p>\n\n\n\n<h2 id=\"h-2-take-an-inventory-of-what-you-ve-inherited\" class=\"wp-block-heading\">2. Take an inventory of what you&#8217;ve inherited<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes, an inheritance may not be entirely in cash. It could include trusts, real estate, interests in family entities or operating businesses, concentrated securities positions or restricted private investments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lovgren recommends first understanding the inheritance on its own, before determining where it belongs in your existing wealth plan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTo start, you have to divide it into two different components,\u201d he says. \u201cOne is the inheritance itself, because there are a number of things that need to happen legally with an inheritance,\u201d he explains. &#8220;Second, ask yourself, \u2018How does this inheritance get incorporated into what I\u2019ve already created and accomplished?'&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Creating that inventory can help clarify what you own, what you control, what obligations accompany those assets and which decisions require immediate attention.<\/p>\n\n\n\n<h2 id=\"h-3-assemble-a-coordinated-advisory-team\" class=\"wp-block-heading\">3. Assemble a coordinated advisory team<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Complex inherited wealth can raise financial, legal, estate, and tax questions simultaneously. \u201cDepending on what you inherit, your financial advisor may need to work with your estate attorney, CPA or tax professional and specialists familiar with the particular assets that are becoming part of your portfolio,\u201d Lovgren says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RBC Wealth Management\u2019s Wealth Transfer survey reflects how central the financial advisor\u2019s role is. When asked where they&#8217;d turn to learn more about their inheritance, respondents ranked financial advisors first across all generations\u2014and 94 percent of Receivers want professional support with family-inheritance discussions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before restructuring, selling or transferring inherited assets, be sure you understand the legal and tax consequences that may accompany those decisions. Such issues can become especially complicated when an inheritance contains <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/will-vs-a-trust-which-one-is-right-for-you\">trusts<\/a>, businesses, real estate or privately held investments, rather than cash. Your circumstances, the structure of the inherited assets and potentially their location can all affect the questions you and your advisors need to address.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt really varies by situation,\u201d Lovgren says. \u201cYour financial advisor can help identify matters that require specialized attention, while tax and legal professionals and other specialists can advise you about the implications of specific decisions.\u201d<\/p>\n\n\n\n<h2 id=\"h-4-decide-what-preserving-the-legacy-means-to-you\" class=\"wp-block-heading\">4. Decide what &#8220;preserving the legacy&#8221; means to you<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Inherited wealth may also carry family history, expectations and values that extend well beyond the assets themselves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nearly every Receiver RBC surveyed\u201499 percent\u2014intends to respect the wishes of those who are passing down wealth, including how the inheritance is handled.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But honoring the Givers\u2019 wishes doesn\u2019t necessarily mean preserving every choice the previous generation made. Lovgren describes legacy in terms of \u201ctime, talent and treasure.\u201d Families may continue <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/the-great-wealth-transfer-and-its-impact-on-philanthropy\">philanthropic commitments<\/a>, gather around traditions or causes important to the Giver, maintain a <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/how-a-family-mission-statement-can-help-with-your-wealth-transfer-plan\">family mission statement<\/a> or find new ways to honor what the family\u2019s wealth represents. He also sees families hold charitable events or continue <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/the-rise-of-multigenerational-travel-how-families-use-shared-experiences-to-build-lasting-legacy\">shared experiences<\/a> that mattered to a parent or grandparent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt\u2019s one thing to pass on wealth, but it\u2019s more important to pass on values,\u201d Lovgren says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Understanding the purpose behind your family\u2019s wealth can help you determine what traditions should continue and where your own path begins.<\/p>\n\n\n\n<h2 id=\"h-5-start-planning-the-legacy-you-want-to-leave\" class=\"wp-block-heading\">5. Start planning the legacy you want to leave<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Receiving wealth can also become an inflection point in your own estate and legacy planning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RBC Wealth Management\u2019s research suggests inheritors already recognize that connection. Eighty-nine percent of Gen X respondents and 82 percent of millennials say receiving an inheritance would lead them to consider the legacy they eventually want to create for themselves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you understand how inherited wealth fits with the assets you&#8217;ve accumulated independently, consider revisiting your estate plan, beneficiary designations and longer-term objectives with your advisors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lovgren also sees <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/how-to-talk-to-your-kids-about-their-inheritance-why-wealth-transfer-conversations-are-crucial\">younger generations preparing for this transition<\/a> before the money arrives. Some Gen X and millennial children may know their parents have significant wealth, without knowing precisely what or how much they will eventually inherit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even so, they are increasingly trying to understand how a future inheritance could affect their own plans and learn independently how to manage that wealth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Receiving an inheritance closes one chapter of a family\u2019s wealth plan, but it can open another. Managing that transition thoughtfully means moving from receiving the assets to understanding them, <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/four-ways-to-start-the-conversation-about-your-financial-future\">integrating them into your own financial life<\/a> and deciding what you ultimately want that wealth to accomplish.<\/p>\n\n\n\n<div class=\"wp-block-rbcwm-well well is-style-is-style-b-blue-tint-4 b-blue-tint-4 mb-3 migrated\">\n<h3 id=\"h-read-insights-into-giving-and-inheriting-wealth\" class=\"wp-block-heading\">Read insights into giving and inheriting wealth<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Learn more about RBC Wealth Management&#8217;s <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/campaign\/wealth-transfer-are-you-ready\">wealth transfer research<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Five steps for managing inherited wealth with care\u2014honoring the legacy behind it while planning your own future.<\/p>\n","protected":false},"author":22,"featured_media":29726,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[210,130],"tags":[223,66],"rbcwm_content_owner":[],"rbcwm_need":[466,463,483],"rbcwm_segment":[460],"rbcwm_solution":[465],"rbcwm_topic":[464],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-29722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legacy","category-wealth-transfer","tag-inheritance","tag-wealth-transfer","rbcwm_need-grow","rbcwm_need-protect","rbcwm_need-support","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Five steps for managing inherited wealth with care\u2014honoring the legacy behind it while planning your own future.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"<p data-pm-slice=\"1 1 []\">Neither RBC Wealth Management, a division of RBC Capital Markets, LLC (\u201cRBC WM\u201d), nor its affiliates or employees provide legal, accounting or tax advice. All legal, accounting or tax decisions regarding your accounts and any transactions or investments entered into in relation to such accounts, should be made in consultation with your independent advisors. No information, including but not limited to written materials, provided by RBC WM or its affiliates or employees should be construed as legal, accounting or tax advice.<\/p>"},"rbcwm_insight_cta_id":[8484],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":true,"rbcwm_toc_selector":"h2","rbcwm_toc_sub_selector":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What to do when you receive a significant inheritance<\/title>\n<meta name=\"description\" content=\"Five steps for managing inherited wealth with care\u2014honoring the legacy behind it while planning your own future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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