Get Rid of All Debt

When it comes to retirement accounts, make sure to list them all down along with the amount of money in each. Determine if you're maxing out these accounts or not. If you receive a substantial inheritance, prioritize paying off high-interest debt such as credit card, car loan, personal loan, student loan, and 401K debt. If necessary, also consider paying back anyone who lent you money, regardless of the interest rate. After that, tackle your remaining debt from highest to lowest interest rate. If the inheritance covers all your debt, great! Otherwise, consider paying off your mortgage depending on factors like interest rate, tax write-off, and how long you plan to stay in the house.