Many families simply don't discuss their estate plans, leading to a lack of knowledge among young heirs about managing substantial inheritances, which can be problematic in the long run.
Katherine Fox emphasizes that heirs should take their time before making any financial decisions after inheriting wealth, especially during the grieving process, as mistakes can't be undone.
Fox advises to first focus on immediate needs such as taxes, followed by paying off high-interest debts like credit cards and student loans before making further investment decisions.
Conversations about inheriting wealth often bring discomfort, but failing to have them results in young people lacking the necessary knowledge to manage substantial sums responsibly.
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