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Inherited Money? Your 90-Day Action Plan

A step-by-step guide to protect your inheritance, minimize taxes, and build lasting wealth. Don't let poor planning cost you 30-40% of your legacy.

30+

Action Items

Day Timeline

$50K+

Potential Tax Savings

Critical First Step: Don't Rush

The #1 mistake inheritors make is acting too quickly. Emotional decisions in the first 30 days cost GTA families an average of $47,000 in unnecessary taxes and poor investment choices. This plan helps you move deliberately and strategically.

Your Complete 90-Day Inheritance Action Plan

1Days 1-7: First Week Actions

Secure the inheritance and gather critical information

Obtain certified copies of the death certificate (at least 10)
Locate the original will and any trusts
Contact the executor or estate lawyer for timeline
Secure physical assets (property, vehicles, valuables)
Gather account statements for all inherited assets
Identify immediate bills that need payment from estate
Do NOT make any major financial decisions yet

2Days 8-30: First Month Planning

Understand what you're inheriting and the tax implications

Get a complete inventory of inherited assets with values
Understand the tax treatment of each asset type (RRSP, TFSA, non-registered)
Calculate potential deemed disposition taxes owed by the estate
Determine if probate is required and associated fees
Review beneficiary designations on all accounts
Consult with a tax professional about your situation
Begin assembling your professional team (CFP, accountant, lawyer)

3Days 31-60: Second Month Strategy

Develop your investment and tax optimization plan

Assess your current financial situation and goals
Determine your risk tolerance and investment timeline
Identify tax-sheltered contribution room (RRSP, TFSA)
Create a plan for deploying funds over time (avoid lump-sum timing risk)
Consider paying off high-interest debt strategically
Review your insurance needs (life, disability, long-term care)
Plan for any major purchases or life changes

4Days 61-90: Third Month Execution

Implement your plan and set up for long-term success

Transfer accounts to your name with proper documentation
Begin systematic investment of inherited funds
Maximize RRSP and TFSA contributions
Set up automatic contributions for ongoing investing
Update your own will and estate plan
Review and update beneficiary designations
Schedule quarterly review meetings with your advisor
Create a family communication plan about the inheritance

5Ongoing: Protect Your Legacy

Maintain and grow your inherited wealth

Monitor investment performance quarterly
Rebalance portfolio annually or as needed
Stay informed about tax law changes
Review estate plan every 3-5 years
Consider charitable giving strategies

Key Tax Considerations for 2026

What's NOT Taxed to You

• Life insurance proceeds (tax-free)
• TFSA balances (tax-free to successor)
• Principal residence (usually exempt)
• Spousal RRSP rollovers (tax-deferred)

What IS Taxed (Estate Pays)

• RRSP/RRIF (income to estate, unless spousal rollover)
• Capital gains on investments (66.67% inclusion over $250K)
• Rental properties (deemed disposition)
• Probate fees (1.5% in Ontario over $50K)

Need Personalized Guidance for Your Inheritance?

Every inheritance is unique. Our CFP® professionals help GTA families navigate complex estates and maximize their legacy.

Free 30-Minute Inheritance Consultation

Review your specific inheritance situation
Identify tax-saving opportunities
Create a personalized action plan

Book Free Consultation Learn About Our Services

500+

Families Guided Through Inheritance

$50M+

Inheritances Managed

15+

Years Experience