Moving Into an Inherited $1.5M Home—Would You Do It?

My wife and I currently live in a modest home with a $1,700/month mortgage. We’ll soon be inheriting a $1.5M home, fully paid off, held in a trust. While we won’t have a mortgage, I expect property taxes to be at least $15,000+ per year, plus ongoing maintenance costs.

We have a combined gross income of $200K and more than 50% equity in our current home (around $250K). Our plan is to either sell or rent out our current home, which would eliminate our mortgage expense (~$20K/year).

A few things I’m wondering: 1. What would you do in our situation? 2. Would we be able to comfortably afford living in a $1.5M home on a $200K income, given there’s no mortgage? 3. Any insights or advice from those who’ve made a similar transition?

Would love to hear your thoughts—please be kind!