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.