Inheritance Quandry

Phargus

Sad but fortunate position of inheriting £200k and DS aged 13 also being beneficiary to sum of £60k.
Will indicates Executors may be able to pay this money to me as parent but it's in a bit of legal jargon, although from Googling it seems to be a standard clause.
Two strands: firstly can anyone confirm the meaning of this clause and whether if the money is paid to me I can continue to hold/manage this investment beyond their 18th birthday - I'd rather it be used for uni or a house than a sports car!
Secondly, any thoughts on how to invest one or both items? Can max ISAs but leaves a big sum. Want to retire in 10 years at around 55 but already have a decent pension. Not sure if I retire at 55 whether I can access my work pension - due to retire at 60.

Any pointers appreciated

crazyguy

try a property maybe as if you buy outright and lease it out put the money into an account to cover all costs and taxes and the remaining will add to your pension pot !

Premium bonds for an secure saving , fixed long term bonds with banks at an average rate.

as for DS money if the will had stated for her to receive money upon becoming an adult then little you can do other than advise, maybe some premium bonds in her name for 30k and again another fixed term bond if you can have one at her age !

Phargus

Many thanks.

Property feels too hard given leasing, furnishing, maintenance etc.

I thought the premium bond return was relatively low, albeit safe.

Might also post under pension planning.

mountainofdebt

Tbh with that sort of money, both for your son and yourself, you PROPER advice and not from us,down at the virtual pub.

Get yourself to an Independant Financial Adviser - preferably one that has been recommended to you - and see what they say. If you don't feel quite happy with what they recommend go and see another one.

Suffolk_Jock

I would go and get professional advice with that amount of money from more than one person/company. I personaly would not put all of my eggs in one basket either.

fannyanna

As others have said get yourself some professional and independant advice.

That's a lot of money to be playing with.

Pollycat

Phargus wrote: »

Many thanks.

Property feels too hard given leasing, furnishing, maintenance etc.

I thought the premium bond return was relatively low, albeit safe.

Might also post under pension planning.

I agree with seeking independant financial advice.

However, there are definitely some good people who could give you a 'starter-for-10' on the Pensions, Annuities & Retirement board, there's also the Savings & Investments board.

If you do post on various boards, I'd say so and link to your other threads as some people don't like multi posts about the same subject.

Good luck with investing wisely.

getmore4less

THe will probably allows for you to become trustees of the kids money, normaly this is upto 18 and there are issues if you go beyond this officialy.

Legaly at 18 you choices don't count it' there money.

There is a case for getting the child involved in investing and saving so wise choices are made when they legaly have access, better to nuture good money skill than trying to impose them.

You need the pro advice on this,

Yhe new index linked National savings might be a good haven fo £15k each.


The invest in property angle only realy works if you want to be a landlord, tried it and did not like it.

another very good web site for investing and finance is www.fool.co.uk

Phargus

Thanks

Agree on the IFA comments but would like to go in with a clearer view of options/ideas and having done plenty research. Good suggestion on Investments/pension forum.