Finding out that you’ve been left an inheritance often brings a wave of mixed emotions. It’s a bittersweet moment—on one hand, it’s a sign that someone cared enough about you to leave something behind. On the other, it usually follows the loss of someone dear, making the moment heavy with both sentiment and responsibility.
But beyond the emotional aspect, there’s another reality that many people don’t expect: inheriting something doesn’t mean you have to accept it. In fact, accepting an inheritance is a personal, voluntary decision—one that depends on your financial situation, your values, and even your family dynamics.
Before making your decision, it’s important to understand what accepting an inheritance really means, and whether it’s the right move for you. Below are some common issues we help clients evaluate every day:
Financial Liabilities: What Debt Comes with the Gift?
Sometimes what you inherit looks appealing at first glance—a house, a car, an RV, or even a family business —but look closer and you may find that it’s not debt- free.
These types of assets often come with attached loans or mortgages, and as the inheritor, you may be on the hook for those financial obligations.
If you’re not in a position to take over the payments—or you’re unsure whether you even want the asset it’s critical to review your options. You might be able to refinance, sell the property, or negotiate a solution with other heirs (if the inheritance is shared). It’s also important to factor in insurance, maintenance, taxes, and other ongoing costs that could put a strain on your finances.
Size and Storage: Can You Even Keep It?
Not all inherited property comes with debt—but some come with a different kind of burden: space. You might inherit a classic car, oversized furniture, large collections, or even recreational vehicles that simply don’t fit your living situation. If you’re renting an apartment or living in a smaller space, figuring out where to store these items can become a major (and expensive) hassle.
You might consider renting a storage unit, but if the item doesn’t hold significant value (financial or emotional), ask yourself: is it worth the cost and effort to keep it?
Logistics: Getting It Home Might Not Be Easy:
Even if you want what you’ve inherited, getting it into your hands might be more difficult than expected. Sometimes, items are located in a different state—or even across the country—and getting them home involves travel, time, and transport costs.
Will you need a truck? A trailer? Special equipment or shipping services? Will the estate cover these costs, or will they come out of your own pocket? These are important factors to think about before committing.
Family Dynamics: Inheritances Can Complicate Relationships:
Emotions often run high when a loved one passes, and inheritance matters can easily spark tension between family members. Maybe you inherited something another relative hoped for. Maybe there are differing opinions about how shared property should be handled.
Sometimes, taking the high road and choosing peace over possession is the best way to prevent rifts that could last a lifetime. If you know someone else in the family would appreciate the item more—or if keeping it might cause resentment—it may be worth stepping aside.
Remember: while wills and estate plans are legal documents, the relationships behind them are personal. It’s okay to prioritize harmony over ownership.
Legal Considerations:
Whether you accept or reject an inheritance, your decision must be documented. Declining (disclaiming) means you forfeit your right to it and you won’t have a say in who gets it next. If no backup beneficiary is named, the asset goes back to the estate and follows state law.
Want someone else to have it? You can accept it and gift it, but watch out for potential tax implications.
Don’t Navigate This Alone:
Inheritance decisions can be complex. At Heather Lynn Law, APC, we’re here to guide you through every step—from estate documents to financial impact.