How much flexibility should I keep while deciding what to do with a large inheritance?

For the household plan, a major life event is a good reason to pause large irreversible decisions until taxes, insurance, and cash needs are clear. For this planning decision, a large inheritance does not require an immediate investment decision. For this planning decision, a reasonable first step is to keep the funds secure while confirming taxes, estate paperwork, emergency reserves, high interest debt, and near term goals.