Most of us have imagined what we might do if we received an inheritance someday. And in our imaginations, we tend to be pretty good at it. We know what we’d do with the money, what we definitely wouldn’t do, and how we’d make sure it changed our lives for the better.

It’s pretty easy to make smart financial decisions with money you don’t actually have yet.

But when an inheritance becomes more than a hypothetical, the decisions tend to get more complicated.

As a Certified Financial Planner, I’ve helped people work through many of those decisions. And while every situation is different, there are some questions that come up again and again.

In this inheritance Q&A, I’ll walk through seven of them:

• I just received an inheritance. What’s the first thing I should do?
• Can an inheritance help me retire early?
• Should I use my inheritance to pay off my mortgage?
• Should I keep my inheritance separate from my spouse?
• What happens when you inherit money in a trust?
• Can you say no to an inheritance?
• Should I financially help my kids now or leave it as an inheritance?

Some of these decisions may have a clear answer for you. Others may depend on your financial situation, your family and what you want the money to make possible. The important thing is knowing what to consider before you decide.