Inherited £60k, What Would You Do?

bostonerimus

Pay of any high interest debt you have.
Put 6 months or even a years cash in the bank or a cash ISA for emergencies.
Whatever you have left put aside as a house deposit (look at LISAs, although I'm not sure you need to buy a house in your current circumstances if you can continue to live there and eventually inherit) or make extra pension payments to get the tax back.

powerspowers

I’d have a look at pensions and see roughly what your forecasts are and if it would be a good idea to increase funding there, especially if you started a pension quite late or have been paying lower contributions. 

Other than that I’d stash some away and put towards any needed big purchases or a holiday! Some for today and some for tomorrow is a good mantra 

silvercue

Assuming you are not investing in property, and have a low/moderate appetite for risk, and have no immediate need for cash, here is what I would do (everyone will have different views on what to do with £60K)

1. Clear debts (I am assuming you have none or very small)
2. Put £20k in a S&S ISA now (before April 5th)
3. Put £20k into S&S ISA after April 5th (using both years allowance) - You can always take money out of ISA if you need to, check Ts&Cs
4. Keep 10k CASH in instant access but decent interest account
5. Invest in some higher risk assets like Bitcoin/Crypto with the smaller amount remaining

MEM62

Garnigo_Tarmeister said:

I have considered buying a property to rent out as well, but am thought I would wait to see what happens with the property market.

In terms of tax efficiency, this would be far from the best way to use your money.  It is also the case that current legislation is not landlord-friendly and that is likely to get worse.  

Garnigo_Tarmeister

Thanks everyone for your suggestions so far, I really appreciate it.

Dicentra

You should not make the assumption on inheriting the house as there are a number of factors that can affect this, one has already been mentioned regarding a Will. Another is care costs, if your father requires care (hopefully not), those cost will likely be funded from assets such as the house which at £1000 a week over a few years will have quite an impact on your plans, hence consider all options as already posted by others forum members.

Cisco001

have you use isa allowance this year?
If not, bank £20k on to cash isa and think about it in details in next few weeks.