Navigating an inheritance can be unexpectedly emotional. Amid the paperwork and financial decisions, it’s often the memories, relationships and sense of responsibility that feel the heaviest. Whether you’re still processing a loss or simply unsure where to begin, you’re not alone. Many people find themselves facing the same mix of gratitude, uncertainty and pressure. This guide is here to help you move forward with clarity and confidence—at a pace that feels right for you.

Here are some strategies you may want to consider

Pause and take time to think

First, it’s important to allow time to mourn your loved one. Making financial decisions in an emotional state is never a good idea. This may mean putting the money aside while you grieve. Consider how your family member would have wanted you to spend that money to help inform how you use it.

Pay off debt

An inheritance may provide an opportunity to make a fresh start, debt-free. Begin by paying off high interest rate credit cards and loans, including any student loans.

Set up an emergency fund

Part of being financially secure is having access to money to cover any unexpected expenses such as a car repair or during times of  a temporary loss of income. We recommend having three to six months of total expenses in an emergency fund. 

Invest for your retirement

You could use part of your inheritance or lump sum to contribute to your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) for the year.

Save for children’s education

It’s never too soon to save for the high costs of a child’s higher education. Consider investing in a Registered Education Savings Plan (RESP).

Make a major purchase

Would your loved one liked to have known that you took that “trip of a lifetime” or put the pool in the backyard that you’ve wanted for years?

Review your own estate plan

An inheritance may alter your own gifting plans or just serve as a great reminder to review and update your own Wills, Powers of Attorneys and Beneficiaries if appropriate.

How we can help

Your financial strategy is likely a great roadmap for how to put your inheritance to work. Your financial advisor can help you evaluate your situation.