Reply #46: Before claiming the money

[Lydia Leftcoast]

I'd consult both a financial advisor and an attorney who specializes in estate planning.

Then I'd pay off all my debts, set up trust funds for the education of my nieces and nephews (except for my one niece who is already in college--I'd take over her tuition payments), buy nice midpriced condos in Minneapolis, Tokyo, some place in Europe (to be determined), and Hawaii, give away 1/3 to charity, invest a bunch to ensure a continuing income stream (partly in offshore banks), travel, and write. Oh, and I'd definitely never fly coach again!

Since my nieces and nephews would be my heirs, I would set up my will so that they could not inherit before the age of 40, although they could draw on the fund for one of a designated list of emergencies. That way they would have the satisfaction of accomplishing something on their own but would receive the money just in time for their midlife crises. :-)

They would also get a few thousand dollars upon graduation from college to be used exclusively for overseas travel or study abroad.