Wealth with Intention
Money Wisdom for Your Next Chapter
Common Mistakes to Avoid When Inheriting Wealth
Inheriting wealth is rarely simple. Along with the financial windfall often comes grief, confusion, and the weight of responsibility. Maybe you've recently lost a parent or loved one, and now you're faced with managing money you never expected to have. It's a lot to process, and it's okay to feel overwhelmed.
While I can't take away the emotional complexity of this moment, I can help you avoid some of the most common financial mistakes I see clients make during this transition. Here are six pitfalls to watch out for—and how to navigate them with intention.
1. Making Big Decisions Too Quickly
When money suddenly appears in your account, it's tempting to act fast. Maybe you've been dreaming of a new car, or you want to help family members, or you think you should invest it immediately before you "waste" it.
I get it. But here's what I've seen happen: clients who rush into major purchases or investments often regret those decisions within a year or two.
What to do instead: Give yours...
Leah Hadley, AFC®, CDFA®, MAFF®
Founder/Senior Wealth Manager
Leah Hadley is the founder of Intentional Wealth Partners and Intentional Divorce Solutions, a Cleveland-based financial planning practice serving clients nationwide. She specializes in helping women and couples navigate major life transitions with confidence and clarity. She is also the host of the "Intentional Divorce Insights" podcast and a sought-after speaker.
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Great Lakes Investment Management, LLC, dba Intentional Wealth Partners may transact business only in states in which it is registered, or in which it is excluded or exempted from registration. Intentional Wealth Partners is currently registered in Ohio, California, Florida, Texas, and Virginia. All written content on this site is for information purposes only. Opinions expressed herein are solely those of Intentional Wealth Partners, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. This website may provide links to others for the convenience of our users. Our firm has no control over the accuracy or content of these other websites.
