If you were to inherit a large sum of money, what would you do with it? The question may not be hypothetical, especially for millennials, Gen X or Gen Z. Thats because the baby boomers are poised to transfer some trillions of dollars in the next few decades. While everyones situation is different, if you were to receive a medium-to-large inheritance someday, youll need to decide how best to use your newfound wealth. Your first move may be to do nothing at all. Generally, you have time to decide how to handle the various elements of an inheritance. If you inherit an investment vehicle such as an IRA or a 401(k) plan, you will eventually have to make some decisions about liquidation or withdrawals. If part of your inheritance consists of cash, theres nothing wrong with moving the money into a cash management account at a financial services company until you decide what to do with it. Eventually you'll probably want to put your inheritance to work. You might want to use a Financial Advisor for guidance on how to strengthen your existing investment strategy. Your inheritance might free you to max out on your IRA for years to come or contribute more to a 401(k) or similar retirement plan. Other goals could include funding a tax-advantaged 529 college savings plan for your children. You might use part of your inheritance to donate to the charitable organizations you support. Recent changes in tax laws caused many people to stop itemizing their deductions, and charitable groups are in more need than ever. Take this opportunity to review your goals. Can you to adjust your planned retirement age? Will you now be free to travel more or pursue other hobbies? Again, a financial professional can help you answer these questions. Someone thought enough of you to leave you a valuable inheritance so use it wisely._________________________________ This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC.