Having cash can be helpful to put down a larger down payment, pay everyday expenses, or satisfy debt. Learn more about investment options for your cash, what you can do with more cash, and what your cash means on this page.
If you've found yourself in a situation with a large amount of credit card debt and cash on hand, take the cash to pay off the credit card debt. While it might be nice to think you have a cushion of cash for an emergency, there's no point in paying high credit card interest rates when you have the cash to pay it off. If you simply pay off the debt, and then start to "repay" yourself with the savings, you'll quickly replenish your cash savings.
Designating children as beneficiaries to brokerage and bank accounts can lead to difficulties. Minor children can't inherit cash. You need to have the cash and financial assets in a trust with a trustee (and backup trustee) named until they become of legal age, or until you feel they are old enough to manage these resources appropriately. Leaving real estate to children can be tricky. It's expensive to own and maintain -- and they may not have enough income to keep the property going and they may not be living anywhere near the actual property.
Is it best to pay off a mortgage or invest the money for retirement? How should you invest a large amount of money to get the most value from the cash? To make the best decision for your personal finances, you need to plan how to use the money. Spend some time figuring out how much cash you'll have in retirement. Next, look at the expenses you have going forward. Figure out how long it will take you to pay off your house completely. With this research you'll be able to determine where to put your cash.