Huge life and AD&D claim payment, now what?

[interestingquestion]

A few weeks ago there was death in my immediate family. There was a terrible car accident killing both my parents. After two weeks of running around and planning the funeral, and all the other details, I finally have time to relax and celebrate my parents life, while mourning their death.

My folks were always very close mouthed about their financial affairs and did not discuss their will, life insurance, accidential death coverage, or the amount of cash they had in the bank. The review of their private papers related to their financial affairs has been extremely interesting and shocking. Needless to say without getting into much detail, my sister and I will never have to work to pay the bills again!

Both of us are in our mid 40s, married, living in small towns in the midwest and have struggled our entire life with terrible jobs, bosses and credit card debt. In a few months, after probate is completed, these will no longer be an issue.

Though the question is now, what to do with our time and money. Both of us are still working, though with limited energy and interest, and no one outside the immediate family has been told yet- that we will soon be millionaires.

(NO, THIS IS NOT A MADE UP TROLL POST) Sincere advice wanted.

 

[chell]

Only you know what will make you happy in the long run. I know for myself that I couldn't just quit working, even if I didn't love my job so much.

Just make sure you don't go overboard and blow it all.

 

[DoeWDW]

I'd be very slow about making too many changes in your life. Bank the money and start making one small change at a time. You've probably lived in the same house and gone to work at the same place for a while and that routine is somewhat comforting, even if it isn't "perfect". Go slowly and think about your long term security.

 

[MinnieMe2]

You're dealing with a lot right now, and the advice to take it slow is good. Perhaps you should get yourself a dynamite financial advisor, too.

I have to say, I've always hated having to work, hate my job, and would quit in a heartbeat in your circumstances. But that would be the only immediate change I'd make, until I could really absorb everything. Except, of course -- I'd take a fabulous trip to Disney !!!!!

I'm so sorry you've lost your parents under such tragic circumstances. They must have been a very devoted mom and dad to have left you and your sister so well-provided for.

Cyberhugs to you and your sister......

 

[Maleficent13]

No advice; I just wanted to say I am very sorry to hear about your parents.

 

[Dan Murphy]

Go slow, think before you act.

My condolences on the loss of your parents, what a tragedy. And welcome to the DIS.

Dan

 

[Keli]

I would get a financial advisor first. Before I spent one dime. The first thing that came to mind is all those people that win a million or two in the lottery and lose/spend it all within five years. I think it must be very hard to handle a large amount of money wisely after spending years struggling financially. I know I wouldn't have a clue as to how I should handle a large amount of money on my own and I would definitely need some professional advice.

I am really sorry that you have lost both your parents so tragically. It must be very hard on you and your family.

And as Dan said "Welcome to the DIS"

 

[Mercy]

I'm so sorry for your loss

I would also adivse getting a lawyer/financial advisor. Looks like you're talking about a lot of money. They can help you invest it and direct it into the right places. And like others have said, go slow.

 

[HauntedMansionGeek]

I'm so very sorry you lost your parents. Must have been QUITE a shock indeed to find that they had left you a legacy like this!! I can't imagine the mixture of feelings you have....such great excitement mixed in with all that sadness.

The others have great advice...hook up with a trusted financial advisor and ask LOTS of questions.

Best wishes and congratulations on your newfound wealth.

 

[danacara]

I'd examine the reasons why you and your sister have both floundered for so long. Those reasons aren't going to go away with a check.

 

[clutter]

my deepest condolences.

the same thing happened to my sister, when she lost her husband. however, since a good portion of the money was in retiement funds, it was taxable unless she rolled it into her own retirement accounts. find a good accountant/financial advisor to help you ensure you won't ever have to work again.

 

[interestingquestion]

Thank you for the advice about going slow and getting a financial advisor. The wheels are already turning on that!

Here is my real question and issue.---- Most Americans have not have the ability to work in an interesting job with challenging and stimulating work with positive co-workers and a supportive boss. Remember the popularity of the Movie "9 to 5" and the song "Take this job and shove it!" I belive most people work the 9-5 job at the office, factory, or store because they need the money and everyone they know goes off to work each day. We put up with the crazy co-workers, a screaming boss and clock watching because we need to work.

How does one motivate them selves to work and put up with all the BS when the financial need to work is gone but the need for structure and filling of your day with meaningful activity bigger than your self is still there?

 

[Hillbeans]

Originally posted by interestingquestion
Thank you for the advice about going slow and getting a financial advisor. The wheels are already turning on that!

Here is my real question and issue.---- Most Americans have not have the ability to work in an interesting job with challenging and stimulating work with positive co-workers and a supportive boss. Remember the popularity of the Movie "9 to 5" and the song "Take this job and shove it!" I belive most people work the 9-5 job at the office, factory, or store because they need the money and everyone they know goes off to work each day. We put up with the crazy co-workers, a screaming boss and clock watching because we need to work.

How does one motivate them selves to work and put up with all the BS when the financial need to work is gone but the need for structure and filling of your day with meaningful activity bigger than your self is still there?

Get a job at WDW! They pay minimum wages so I hear.

Seriously, find a line of work you enjoy, even if it's PT.

I do have to agree with one of the previous posters that if you're in financial ruins you really do need to examine how/why that happened and make sure that you do plan wisely. A Million Dollars is a lot of money, but you want to also make sure you plan for your future. If you're 40, you may live another 50 years and you also want to take care of your kids college funds and all.

 

[danacara]

Do you have a degree? Maybe you should head back to school. School is wonderfully social, it's a selfish indulgence because it's "ALL ABOUT YOU", and you sound like you could use some time like that. Also, you'll qualify for better jobs once you graduate. You have to do something during the day, might as well be personal betterment!

 

[DoeWDW]

There's a lot to be said for volunteering your time doing something you really love and helping others at the same time. There are non-profit organizations who are trying to do wonderful things for kids, teens, seniors, the disabled, the ill, etc. etc. and they are almost always in need of an extra pair of enthusiastic hands.

My condolences on the loss of your parents and best wishes finding a way to honor them and the legacy they have left you.

 

[mrsmom]

I just wanted to say i am sorry for the loss of your parents.

Kim

 

[kasar]

Sorry about your loss.

If I was in that situation, I would take my time and make sure you go through the mourning process before making any rash decisions. After speaking with a professional, make sure you do something special for yourself - something you've always dreamed of. I'm sure your parents would want you to.

There are lots of jobs (low paying or no paying) out there that are very fulfilling. What do you love to do? Would you like to do something fun or something that makes a difference? Do you have any skills that you could teach to someone else? Have you always dreamed of owning a business? There are so many things you could try and you're in the unique position of actually doing what everyone dreams of.

Please keep us updated on what you choose - we'll all live vicariously through you.

 

[Trish Bessette]

So sorry of your loss.

Definately seek the advise of a financial advisor. I can't stress that enough.

As far as work, if your not happy, quit. Since you will be financially set think of something you could do in your parents memory. Volunteer? Work at a school and start a scholorship in their names? The sky is the limit.

Prayers that everything works out for you.

 

[tmq2766]

Invest in DVC or better yet give me the money to invest in DVC. hehe

 

[SugarBear]

I'm so sorry for the tragic loss of your parents.

I totally agree with getting a financial advisor. Then do something that will make you happy. Best wishes and good luck.