10 Things To Do If You Didn’t Get the Inheritance You Were Expecting

For many people, counting on the financial security of an inheritance is fundamental to their long-term financial plan . They count on those assets — whether money or property — to reach their goals or sustain their lifestyle.

But what happens when things go awry? What happens if you don’t get the inheritance you were expecting?

“When an expected inheritance doesn’t come through, it can be emotionally and financially jarring,” said Abid Salahi, finance expert and co-founder of FinlyWealth .

David L. Blain, CFA, CEO of BlueSky Wealth Advisors , agreed and noted that while an unexpected change in inheritance is disappointing, “the reality is now clear and a plan can be made.”

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Here are some vital steps to take to regain financial stability if you didn’t get the inheritance you were expecting.

Also see nine things you should do if you get an inheritance of $1,500 or less .

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Reassess Your Financial Plan

The first crucial step, according to Salahi, is to review and adjust your financial plan thoroughly. This unexpected change requires a comprehensive reevaluation of your short-term and long-term financial goals.

“I advise clients in this situation to ‘start by creating a detailed inventory of your current assets, liabilities, income and expenses,'” he said.

This gives you a clear picture of where you stand financially without the expected inheritance. From there, he said you can begin to adjust your financial goals, budget, spending and strategies accordingly.

Check Out: 5 Mistakes Your Parents Made That Wasted Your Inheritance

Avoid Damaging Your Relationships

“Do not damage family relationships by contesting the will,” Blain said. Instead, he recommended focusing on the things within your control and working to improve your financial security over time.

“An inheritance should never make up the foundation of anyone’s financial plan,” he said. “With discipline and perseverance, financial independence can still be achieved.”

Though the loss of expected funds is unfortunate, Blain said resenting others will not undo what has been done and will only make the path forward harder.

“Accept this new situation and move forward,” he said. “Stay determined and committed to sound financial principles. In time, with realistic planning and prudent decisions, financial stability can still be built.”

Boost Your Income

Increasing your income can help bridge the gap left by the unrealized inheritance.

Salahi advised asking for a raise at work, taking on a side gig or monetizing a hobby.

“In today’s gig economy, there are numerous ways to supplement your income. Even a modest increase in earnings can make a significant difference over time,” he said.

Revisit Your Retirement Strategy

If the expected inheritance was earmarked for retirement, it’s crucial to recalibrate your retirement plan.

“You might need to increase your retirement savings rate, adjust your expected retirement age or modify your vision of retirement,” Salahi said. “This could mean maximizing contributions to your 401(k) or IRA or exploring additional investment vehicles to boost your retirement savings.”

Manage Debt Strategically

If you have existing debt or were planning to use the inheritance to pay off debt, it’s time to develop a new debt management strategy.

“Prioritize high-interest debt and consider options like debt consolidation or balance transfer credit cards to reduce interest payments,” Salahi explained. “You might also need to negotiate with creditors for more favorable terms or longer repayment periods.”

Explore Additional Financing Options

If you were counting on the inheritance for a specific purpose, like buying a home or starting a business, Salahi suggested exploring alternative financing options.

“Look into loans, grants or investor funding that align with your goals,” he said. “For homebuyers, this might mean exploring FHA loans or other programs designed for first-time buyers. For business ventures, consider small business loans or seeking angel investors.”

Adjust Your Risk Management Strategy

Experts noted that if you’re not receiving the financial cushion you expected, it’s crucial to review and potentially increase your insurance coverage.

“Adequate health, life and disability insurance become even more important when you don’t have a financial windfall to fall back on,” Salahi said. “Review your policies to ensure you’re sufficiently covered for potential setbacks.”

Seek Professional Advice

In complex financial situations like this, professional guidance can be invaluable.

“I recommend consulting with a financial advisor who can help you navigate this unexpected change and develop a comprehensive strategy tailored to your new circumstances,” Salahi said.

Advisors can provide objective advice and help you make informed decisions about your financial future.

Focus On Building Your Wealth

While not receiving an inheritance you expected can be jarring to your finances, try to turn it into a positive. “Use this as motivation to take control of your financial future,” Salahi said.

While an inheritance can provide a financial boost, he said true financial security comes from consistently making smart financial decisions over time.

“I remind clients: ‘Focus on building your wealth through saving, investing and making informed financial choices,'” he said.

Learn From the Experience

Finally, experts recommend using the situation as a learning opportunity to better prepare for the future.

“This experience underscores the importance of not relying on uncertain future windfalls,” Salahi explained. “Moving forward, base your financial plans on your current resources and realistic expectations. Any unexpected financial gains should be viewed as a bonus, not a foundation for your financial planning.”

This article originally appeared on GOBankingRates.com : 10 Things To Do If You Didn’t Get the Inheritance You Were Expecting