Inheritance- what to do

My aunt passed away a few months ago and she left some money for my sisters, mom, and I. At this time I do not know the amount but it could be pretty substantial. The advisor who she had was a student of her who is nearing retirement and I am not a fan of anyway. He want to speak with my husband and I “to help us make decisions.”
Questions: it could be a substantial amount of money which I don’t feel confident working with. Is it possible to go to a brick and mortar Fidelity office to interview different advisors before choosing a person to help us and if so what questions do you suggest asking.
My husband and I are in our late 40’s and don’t have much retirement saved up. I have an old 403b that doesn’t have much in it and we are both paying into the Teacher Retirement System in Illinois. I would like to put the majority toward our retirement but then also continue the generational wealth to our kids. Our son is almost 23 and has a 401K started through the jobs he’s had but not careers so not much in there. Our daughter is still a college student and worked in a private owned daycare during the summer so nothing yet. I would like ideas on how to invest a small amount for their retirement someday but also for a start to life (downpayment for a home, money for a wedding, etc).
So essentially I would like to know when inheriting a large amount where do I start?
Thanks PFC.

Hi @meggervase,

Thank you for your question. Below are my thoughts to address the few topics you asked about:

1) Picking an advisor:

When picking an advisor, I would look for someone that focuses on financial planning. This likely won’t be a Fidelity advisor. From my experience, they tend to focus more on managing your money and less on ongoing financial planning. To find an advisor, this website is a good place to start. These are “fee only” advisors (meaning they don’t charge commissions or any other hidden fees). There are other directories of advisors, if you can’t find anyone you like on this one.

2) Types of accounts:

Be mindful of the types of accounts that are being inherited since they can have unique tax rules associated with them. For example, many retirement accounts have required minimum distributions that may require you to withdraw the money from the account over a specific time period. This is something a financial planner or CPA can help you with.

3) Your children:

The best way to invest for adult children can be a personal decision since there are a number of different factors to consider. Sometimes the best way to invest for adult children is to keep the money in an account in your name. Because if you do intend for them to use it for a specific purpose (e.g., wedding, downpayment, retirement), that is out of your control once you give them the money. But, if you keep the money in a separate account in your name, you can choose to give them the money to them when the time is right and/or use the money on their behalf for the intended purpose.

I hope this is helpful! Keep us posted with any other questions.