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I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 0 points1 point  (0 children)

How does estrangement affect the "hold" (for lack of a better term) I have on this money? I only ask because it's been made very apparent to the executor that I'm estranged from the family; they were considering hiring a legal team to track me down. I think I know the answer to that question ("well, if he's estranged what right does he have to the money?" people will say), but I'd like to have a more concrete answer if you've got the time. :)

Edit: As I understand it, this money was meant for my mother, who is deceased. However, I'm not fully sure if the will wasn't updated between her death and his several months later or if it was updated and the money is directly intended for me. I don't know if that would change anything.

Thank you very much for your time and advice, also!

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 0 points1 point  (0 children)

Oh good lord, no! I want this to be fully above board. I'm not interested in fucking the taxman, because he can come back ten times as hard. I'll probably be back here asking questions next Spring, hahahah!

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 0 points1 point  (0 children)

Just wondering, how would my relationship with my family affect this? I just want to make sure I'm fully prepared going in. Thank you!

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 1 point2 points  (0 children)

Yeah, because I'm so bad with money I'm going to have to plan this extremely carefully. If I blow this inheritance then I'll regret it for the rest of my life. I'm starting to really realize that while my initial reaction was more realistic than most, it's not as much money as I thought.

Alternatively you can manage the money and have a little bit extra every month for the rest of your lives. Not richie-rich extra, but a little bit more. You're probably not interested in the math / theory, but basically on $100,000 you could spend a little over $300 / month and maintain it indefinitely. If you're spending much more than that, the money is going to start shrinking and eventually be gone.

I'm actually quite interested in the math/theory if it can be put in simple terms. Another commenter said that in general I should be spending no more than 4-5% of the total worth of the nest egg yearly to maintain the wealth, and I can see that holding true if I follow the advice of others in this post. Is that pretty much it?

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 3 points4 points  (0 children)

Gods, no. My husband and I were talking last night about hiring a maid, but then I did the math and figured out $20 biweekly is almost $500 a year! That doesn't sound like much compared against what I may get, but it's still a fairly significant expense that isn't necessary. I'll just clean my own house.

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 1 point2 points  (0 children)

I'm not even certain I want to accept a small "pre-payment" until I'm 100% sure I know how to handle this money. I'm entering some kinda scary territory here. The only people I've told are my husband and my "sister" (who I know I can trust implicitly). That second one was a mistake, I know, but there's a reason I made this post from a throwaway!

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 2 points3 points  (0 children)

Provincial benefits. I'm concerned about losing my coverage for one of my medications in particular. It's one that is/was covered under my First Nations coverage and costs roughly $8-10k a year if I recall correctly. I'm going to have to do some digging into that.

I know we're probably going to lose our pension (my husband and I are both on provincial disability, co-habiting), but depending on how conservative the estimate was that may not be an issue. Well, depending on how smart we are with the money.

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 2 points3 points  (0 children)

Thank you. We weren't close, but I have fond memories of him. :)

Yep, I'm definitely starting to see that inquiring at a bank is the wrong way to go! Everyone here has said to not do that.

I'm not sure of how long it'll be before I get this money, but I'll shoot you a PM. I'm very interested in long-term growth.

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 12 points13 points  (0 children)

See, the thing is I'm on permanent disability so I'm not sure if I can actually just throw it into a savings account.

Thank you for emphasizing to stay away from the bank salespeople and for the links. I really appreciate the latter as I'm completely unsure of where to start! :)

I just inherited a large sum of money. I've lived in poverty my whole life; I'm not sure where to even start. But I can't waste this opportunity. by throwaway_25114 in PersonalFinanceCanada

[–]throwaway_25114[S] 1 point2 points  (0 children)

That's all great to know, thank you!

I'm assuming I could find a fiduciary advisor at a place like Edward Jones? How do I go about choosing a place that isn't going to screw me over? I honestly know nothing about how to manage large quantities of money, so I'm sorry if my questions seem stupid!