Practical advice for managing inheritance and estate
26F I am receiving an inheritance of ~300k from a parent in the next few months. I am the executor of the estate and things are going to move very fast soon and I need to make sure my plan is okay (beyond the one trusted adult in my life and a fee only advisor which I will get in the future). I have been financially abused in the past by a relative so I am not speaking about any of this to family and do not want to mess this up. I am the only beneficiary. Other parent is also deceased unfortunately.
Estate has around 50k debt total in a LOC and other small loans. None of that is the house but I am planning on selling the house (appraised 350k). This is almost a non-negotiable, I can't handle it myself and don't want to stay here long-term. Selling the vehicles and house will pay for all of the debt, lawyer fees and real estate fees.
For me currently, I am unmarried with no kids and a boyfriend, have 23k in my bank, no debt. My expenses are pretty minimal right now, maybe 800 per month. I am starting a new job shortly with 65k salary pre tax. I need a new vehicle and am planning on getting an suv in the 15-19k range. I will get the vehicle after I start my job but likely before I receive full payout from the estate/house. I plan to save a good amount from my job right away and put down around 30-40% of the car on a down payment. Once I sell the house, I am planning on renting by myself for a bit until my relationship progresses a bit and may move in with my boyfriend in 8 months-year.
Long term goals are: I want to contribute to buying a house with my spouse (only after marriage) and also want my first kid in the next 5 years.
Short term goals: A new vehicle, protecting the money and investing it reasonably, and I'd like to contribute a bit to my retirement. I also want to spend a few thousand on some fun stuff once the estate is settled (vacation, hobbies)
I am not familiar with investments at all and am planning on getting a fee-only advisor. Should these investments be through my own bank or separate entities (wealthsimple)? What investments should I be looking to contribute to? If not all the inheritance goes to investments, where should the rest sit? I have been told by friends/family in the past that at some point I should move to a big 5 bank but I hate them and would like to stay with my credit union if possible.
Any advice or feedback is appreciated, thanks! :)
Posted Jun 2, 2026, 1:07 PM UTC