Help needed

celt80

Hi guys I need help on deciding whats best to do with my money.
My wife passed away in January due to cancer at age 37. Thankfully we had taken good advice years ago and setup multiple insurance policy's that have paid out. We have two young children and I want to invest the money in the best way possible to make it grow for them. I have 6 figures to invest but haven't a clue what to do as I've never had this kind of money before and don't want to make a mistake as its part of my wife's legacy to our kids.

xylophone

Each of your children has a JISA?

If not, you might open one for each of them.

https://www.gov.uk/junior-individual-savings-accounts

Below might be of interest.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-junior-isa

https://www.google.co.uk/search?q=monevator+vanguard+lifestrategy&oq=monevator+vanguard&aqs=chrome.1.69i57j0j69i60.7961j0j8&sourceid=chrome&ie=UTF-8

You might wish to take expert advice on a trust for a bereaved minor.

https://www.gov.uk/trusts-taxes/trusts-and-inheritance-tax




You might try

https://adviserbook.co.uk/

When the menu comes up you would tick "confirmed independent"

"trust and tax planning" and any other specialism you require.

louloubelle79

So sorry for your loss, I know I share this info for families in same situation as yours and may help-has a variety of support which may or not be useful.

https://www.gingerbread.org.uk/information/bereavement/

JISA and high interest savers could be an option. ? Premium bonds or S&S ISA also although I’m no expert others may have other advice

Albermarle

Although you have more sad circumstances, the questions you ask about what to do with a large sum of money when you have little idea about financial issues , is a question that is asked very regularly on this forum.
If you look through the list of threads for such thread titles as 'Inheritance no idea what to do ' ' £100K what should I do ' etc and then read the answers which are normally very similar.

DrSyn

Sorry to hear of your loss.

Have a good look around the citizens advice site. There is lots of useful information on it. Below is for, England but you can look for other parts of the UK.

https://www.citizensadvice.org.uk/debt-and-money/getting-financial-advice/

celt80

thank you for the advice, I'll spend some time having a good look though it.

Shashy

Sorry for your loss.

I can understand that you feel an obligation to quickly ensure this money is put to good use, but you may be best simply putting the money to one side for a few months/a year whilst you get settled in your new circumstances. There's no rush.

Since the value of the insurance payout is more than £85k - consider a simple NS&I account. That way it's all in one place, and all protected, while you consider what to do next.

The money can wait for you to be ready.