New Bell Podcast Covers Important Financial Topics

Earlier this spring, Bell Bank partnered with Forum Communications Company in Fargo, N.D., to debut “Plain Money Talk,” a podcast featuring experts from Bell’s retail, mortgage, insurance and wealth management divisions.

Matt Bushard, senior wealth management advisor on the Bell Bank Wealth Management team, recently appeared on the podcast to discuss smart moves to make when receiving an inheritance. Read some of Matt’s tips below, then visit inforum.com/podcasts/plain-money-talk to listen to this and other episodes in the series.

Take a Deep Breath Before Making Any Decisions

In most cases, receiving an inheritance means someone close to you has passed away, making it an emotional time.

“Take that time to remember, to honor,” Matt said. “Don’t make any knee-jerk reactions where you feel like you have to rush into something.”

Receiving an inheritance is not something that happens in days or weeks. There is a process involved, and it takes time, Matt said.

“Don’t put pressure on yourself to make immediate decisions,” he added.

Take Inventory of the Moving Pieces

An inheritance often involves multiple pieces of a puzzle, including some you may not have been anticipating. That makes it important to understand everything that’s involved. Build a balance sheet, create a personal financial statement and incorporate the new components into your financial situation.

“Take stock of what you have before you really start to analyze and dive deep into your options and next steps,” Matt said.

Engage a Wealth Advisor, Tax Planner and Estate Attorney

Once you have a good understanding of the types of assets and accounts involved with the inheritance, then it’s time to start working with a team of professionals who can guide you through the process.

“Those professionals live this day in and day out, and that’s who you are going to be leaning on to educate yourself and put together the game plan moving forward,” Matt said.

Start to Take Action

At this point, you can start to incorporate the inheritance into your everyday finances in a way that makes sense for your situation.

“Maybe you are receiving cash, and you can put that toward boosting your emergency savings or paying off credit card debt,” Matt said. “Or, if you’re inheriting a house, then you need to decide if you want to keep it or not.”

This is when you begin working through the inheritance to set yourself up for the future, Matt added.

Work With Your Estate Attorney to Draft or Review Your Documents

After going through the process of receiving an inheritance, Matt suggests taking the time to work with your attorney to draft or review your own estate planning documents, particularly a will, financial power of attorney and healthcare directive.

“Those three components are really the core pieces,” Matt said.

If you already have those documents created, then it is just a matter of reviewing them with your attorney. But if you do not have them or have not started the process, this is a great time to work with your attorney to create your estate plan.

“One thing we see quite a bit with people is life is busy, and it’s not a fun topic to think about,” Matt said. “But once you’ve lived through these various steps after someone special to you passes, it’s a great opportunity to use that experience and work through your own situation.”

This article was published in the Q3 2026 issue of the Bell Wealth newsletter.