What Would You Do With an Inheritance?

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Hey Blogging Away Debt readers! I’m looking for a little input this week about something happening in our lives.

Last December, my beloved Meemaw passed away. I was (still am) absolutely heartbroken and it was very unexpected. She lived an amazing life and was pretty healthy. In the end, her colon cancer returned (she’d had a colostomy bag my whole life). When she went to go have surgery to remove the newest polyps, they took her off her blood thinner before the procedure. This ultimately led her to a massive stroke.

In January, I got a notice that I was one of six people named as beneficiaries in her trust. This was a surprise to me as we are adopted into the family. I assumed everything would go to her blood relatives (and I honestly only wanted the family photos from her house), but I’m extremely thankful for whatever she’s left.

I know that she had a net worth in the millions, but I have no idea how much will be left to me exactly. However, I’ve been considering some of the things I might do with a larger sum of money.

First, of course, I’d pay off debts (the IRS and our car first, student loans if there’s enough). Having these things paid off would free up a lot of income month-to-month and make it easier for us to save. My husband has mentioned looking at houses as well, but with the way the market is right now, I don’t think that’s the smartest decision unless we have a really big chunk we could put down AND eliminate all other debts.

I also contemplated booking a vacation to Disney World (one of my Meemaw’s favorite places). I know this isn’t the most responsible way of spending any of the money, but I know it’s something she’d love to know we did.

When all is said and done, I got what I really wanted – the big box of photos from her house. Everything else is just a wonderful added surprise.

All of that being said, how would you all spend an inheritance? What things would you focus on? I’d love to hear your thoughts in the comments!

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