How to invest a large inheritance?

cepheus

If you do speak to an IFA make sure it is someone who specialises in investments and a fee based advisor, or else they might try to flog off the products which give them most commission. What they advise should depend on income, tax, investments, plans and financial risk they are prepared to take.

Quite often having savings can be partly self defeating for those on various means tested benefits such as pension credit since this can be reduced to zero, make sure you understand the implications of this.

amcluesent

>My great uncle passed away earlier this year and has left a large inheritance to my Mum, Aunt and Nan<

Have they now all made/updated wills? If they've been poor until now, maybe never thought to bother...

Cook_County

It sounds like a trust for your brother's benefit needs to be in the structure. Does the grandmother need/want her share? Will she gift it, do a deed of variation?

mummyof2gorgeousgirls

Mikeyorks - My Mum doesn't have any debts, luckily. I've told her to speak to an IFA about investing for income. Thank you again.

joerugby - My Mum gets no benefits at all. She's not entitled to claim for caring for my brother either, even though his disability means he can't cook for himself and has had to have a shower room fitted, as he can't get into a bath without causing problems. Thanks for your advice.

amcluesent - Only my Nan has a will, but she says it's just to prove that she has nothing of any value, bless her. It's something I've stressed is important to all of them.

Cook_County - My Brother's disability is a physical one, so at least as long as my Mum is alive, he will be well looked after. He receives higher rate DLA, would a trust for his benefit affect this? My Nan is till a bit shocked by this whole thing and I don't think the enormity of it has sunk in properly just yet. I think she is planning on putting it aside, as she has no real need for it. She is fairly sensible with money and has always lived within her means. My Grandad passed away 32 years ago and she never remarried, so has always been careful with her money. Thank you for your advice.

Bee.