We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
money inherited
buddyholly1
Posts: 3 Newbie
Our eldest son died recently,We have already received around £80000 from his estate and there will be more when his house is sold,my wife and I are 70yrs old, we already hold £80000 in two jupiter merlin accounts and she has £8000 in an AXA bond, I have a Santander 123 current account and my wife has an ordinary account, we have no mortgage and our house is valued at around £500.000, my question is, what do we do with the £80000? our youngest son has a £90000 mortgage, do we pay off some or all of his mortgage or take over his monthly payments? what is the alternative? we don't want any new long term investments for ourselves,our youngest son is 46 ,is single and has a 13yr old son.
Advice please.
Buddy
Advice please.
Buddy
0
Comments
-
My condolences on your loss. I would ask your son what he would like. Failing that I would take over his payments for him... may be subject to an early payment charge if you paid for his home in full? However most mortgage companies allow you to overpay some extra each month with no fee. But I would definitely ask what he would like... otherwise I would put 30000 in premium bonds for your son and 30000 for your grandson and with the extra 20000 I would take yourself and your wife travelling. ... around the world. If that's not what you want then how about a timeshare? Or a boat? Or a beach hut.... although I think these are more than 20000. Log cabin somewhere? Or how about sponsoring a childs education..... or donating some to make a garden or for a service needed in your area?0
-
You ought to gift some of that away or all if you don't need it. This will help towards the potential IHT issue that's building up, particularly as house prices have risen a lot and will probably continue to rise, yet the nil-rate band (NRB) is frozen at £325,000 per person.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
otherwise I would put 30000 in premium bonds for your son and 30000 for your grandson and with the extra 20000 I would take yourself and your wife travelling. ... around the world.
Not sure if the recommendation to put £30K into PBs was driven by a view that this is the limit or just a random number but the maximum holding has been £40K since June....0 -
You might make gifts to your sons and your grandson.
Does your grandson have a JISA? https://www.gov.uk/junior-individual-savings-accounts/overview
You might consider contributing to it.0 -
If you want the money to go straight to your other son, would it be possible to get a Deed of Variation so that it doesn't become part of your estate?IANAL etc.0
-
Yes, a deed of variation would take it out if your estate so if gifting it to pay off mtg or anything, that is what I would do0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.9K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.3K Work, Benefits & Business
- 616.5K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards