child0fgod
New member
@cliffusngmg1 First of all, condolences on the passing away of your mother, I hope that whatever she left for you will be able to assists you in meeting your life challenges ahead.
It is common to be overwhelmed with a massive inheritance, and not knowing what to do with it. My personal advice to handle it would be as follows:
I assume that you would have a moderate amount in your saving account, to handle immediate repayment of loans since you're working.
(ii) Medium: Since you're buying a property with your GF, I assume you'll be looking to marriage in the near future? So it might be prudent to keep the ASM and Unit Trust to fund for family planning, since starting a family needs more money that you imagine it to be.
Before that, you might want to review your mom's Unit Trust and ASM portfolio, so that the RoR will be able to meet with your targeted amount. Try contacting your mom's Unit Trust agent if he/she is still active to get some advice on it.
The Unit Trust/ASM fund can also be use as an emergency fund to handle something like your father's medical expenditure, if he is not covered with insurance.
(iii) Long: This would be something like your future children's education or for your retirement planning, which you might not be looking at this current stage. Your medium term saving can also be translate into long term saving if you didn't use them for their original purpose.
2) Gold accessories - you might want to keep them and later give it to your future wife. Try not to sell them unless you really need the cash for emergencies.
3) Property - I would assume this property is the one you and your father is currently living in? It would have be fully (or almost fully) paid off if it is covered with MRTA. You can keep it if you're still staying in it, or convert it to a rental home if the local market is good. You may also looking to sell it in the future to cover your big expenses, like for your future children's education fund or your own retirement fund.
It is good that your late mother has a Will written so that most of it is fully covered. Just patiently wait for the probate lawyer to discharge all her liabilities and assets.
Last word, above are just my personal advice, and your situation might be different from what I imagine. Hopefully my advice above can help you in making some headways at your current predicament.
It is common to be overwhelmed with a massive inheritance, and not knowing what to do with it. My personal advice to handle it would be as follows:
- Plan your expenses for the immediate, medium and long term.
I assume that you would have a moderate amount in your saving account, to handle immediate repayment of loans since you're working.
(ii) Medium: Since you're buying a property with your GF, I assume you'll be looking to marriage in the near future? So it might be prudent to keep the ASM and Unit Trust to fund for family planning, since starting a family needs more money that you imagine it to be.
Before that, you might want to review your mom's Unit Trust and ASM portfolio, so that the RoR will be able to meet with your targeted amount. Try contacting your mom's Unit Trust agent if he/she is still active to get some advice on it.
The Unit Trust/ASM fund can also be use as an emergency fund to handle something like your father's medical expenditure, if he is not covered with insurance.
(iii) Long: This would be something like your future children's education or for your retirement planning, which you might not be looking at this current stage. Your medium term saving can also be translate into long term saving if you didn't use them for their original purpose.
2) Gold accessories - you might want to keep them and later give it to your future wife. Try not to sell them unless you really need the cash for emergencies.
3) Property - I would assume this property is the one you and your father is currently living in? It would have be fully (or almost fully) paid off if it is covered with MRTA. You can keep it if you're still staying in it, or convert it to a rental home if the local market is good. You may also looking to sell it in the future to cover your big expenses, like for your future children's education fund or your own retirement fund.
It is good that your late mother has a Will written so that most of it is fully covered. Just patiently wait for the probate lawyer to discharge all her liabilities and assets.
Last word, above are just my personal advice, and your situation might be different from what I imagine. Hopefully my advice above can help you in making some headways at your current predicament.