A recent study completed by Accenture estimates that between $1 trillion and $3 trillion will be transferred to beneficiaries each year through 2050. Many people, however, may not be equipped with the appropriate way to handle such an inheritance. People may be questioning what they should do next after their life has been significantly changed.
There are emotional considerations to factor in as well since this is different from a winning lottery ticket and that the gift has been handed to you by someone who is no longer around. Many families have conflicts about how the money should be spent. Fights with siblings can lead to future problems. To avoid family conflicts, intergenerational meetings can be held prior to someone passing away in which a parent articulates their final wishes. This allows advisors to be the person intervening in family strife and minimizing conflicts after the fact. 
There are four primary categories that should be considered by anyone who may be inheriting a significant amount of money. These include:
• Safety, such as insurance, personal transportation, medical expenses and home repair.
• Fun, like dinners and vacations.
• Future, such as money that will be untouched for a minimum of five years in investments.
• Cushion or cash for true emergencies.
Another optional category for some people may include gifting to charity. Talk to an estate planning lawyer to figure out what’s right for you.