What are the first steps to take after receiving an inheritance?

Do nothing big for a few months. Park the money in a high-yield savings account or money-market fund while you grieve and think clearly, since rushed decisions cause regret. Understand the tax picture: inherited cash is generally not taxable to you, inherited brokerage assets usually get a stepped-up cost basis, but an inherited IRA often must be emptied within 10 years and those withdrawals are taxable. Then prioritize – build or refill your emergency fund, clear high-interest debt, fund retirement accounts, and invest the remainder for the long term. Keep inherited assets separate if you want to protect them in marriage. For a larger or complex inheritance, a one-time fee-only advisor is worth it. The guide at wealthserene.com/for/widowhood can help if the inheritance came from losing a spouse.