Hello! I plan on posting on a few subs to get different opinions but I thought I'd start here. I welcome any and all help, questions, and comments!
My grandfather had a crummy trust set up for his 6 grand children and my mother and uncle. my 5 cousins are all ages 35-55 give or take a few years due to my uncle being 14 years older than my mom. My grandfather was brilliantly smart and earned all of his own money and taught himself law to protect himself and the family, something he did very well. Sadly he passed away while I was still a minor so I was not aware of the impact he had financially and how in turn, it would effect me.
My mother and uncle are in charge of the crummy trust and are choosing to dissolve it at the advice of the lawyer. I am not fully sure why... but this being said that means I am getting about $600,000. My cousins have all taken money out at the quarters so they are getting less, because I was always too young I never could take my money, which means I now am getting my full share, a lot more than my cousins. My cousins are old enough to know how to handle it and have families and houses that this will help pay for and aren't getting.... this extreme amount.
I am beyond grateful but a little shocked. My parents are setting up an account through the lawyer that they will have say over the money until I am 35. They said if I so choose to use it I of course can if I talk to them, but it has to go through them until I am of age. My grandfather has prepared me well in case I ever "got money that needed handling" but I did not know why until now. He also started teaching me the stalk market before I was 10 years old, granted I did not understand, but what I understand now is that he was trying to prepare me for this day.
I greatly appreciate my grandfather and his generosity, but I am at a loss. I have no clue what to do.
So I probably gave too much information because I do not know what is and isn't important to know. Thank you so much for reading and answering!
- What should I do with the money? I am aware that saving it is best, but should I invest some? If so how do I figure out where and how much?
- 2. What is the best type of account to use to gain interest so it keeps growing? I plan on using this money to help pay for rent and a family/house for my family when that day comes. I also would like to donate some to charities so I need money left over to do so.
- How much of an impact does this amount of money really have? I know $600,000 is a lot to get at once but it can also disappear quick after buying a house or making payments with it over time.
- Any other subs I should post this to that can help me?
Submitted December 28, 2019 at 09:58PM by saucyrants https://ift.tt/2tbiO7I
