I also have two older brothers (we all have the same father) but I am the baby girl and only daughter he had. I am not ready for this step in my life; I am only 30yrs old and is my first time going thought this.
My father passed away a week ago, and he named me as his primary beneficiary. I'm confused about what to expect, and I'm not sure I'm ready. What do I need to know to do this right?
I'm very sorry to hear of your loss. Times like these are fraught with many emotions, including fear and confusion.
Even if we knew exactly what beneficiary means at this point (i.e., what you will receive, etc.), in addition to the guidance Curtis mentioned, I'd recommend simply taking a deep breath so-to-speak. That is, don't feel as if you have to rush into any financial/investment decisions if you do receive funds resulting from your father's estate.
I find a lot of people, when they encounter sudden wealth, wind up making rash decisions they often regret later on (e.g., lavish purchases, real estate "investments", etc). Sometimes simply taking a few months (say, 3-6) helps provide much-needed perspective that will assist in making long-term decisions.
All the Best,
By being named primary beneficiary are you stating that you are the executor of the estate ? There is a big difference as the executor manages the estates assets until the estate is settled. A beneficiary inherits assets from the estate but does not take an active role the estate settlement.
I would seek the counsel of an estate attorney. Depending on the complexity of the estate you may or may not need to retain an estate attorney but an initial consultation is a good starting point. The estate attorney should be able to recommend tax professionals to you if they are needed.
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