If you receive an inheritance, what is the best way to invest it – to pay off debt or put into savings? Follow a six-step plan for updating your portfolio to make the best use of an inheritance. When deciding on specific investments, is academic research helpful? According to Dana Anspach, CFP, of Money Over 55, the answer is no. This is because often academics focus on a niche topic, whereas financial planners can see the complete picture. Follow Dana Anspach’s work at: http://moneyover55.about.com and on Twitter: @moneyover55. Click here to find out why your investments must be different from those of your parents.