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Inheritance help
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Spidermidge
Posts: 7 Forumite

Hi,
i hope you savvy people can advise me. I have just inherited £600,000 from a relative.
My own mortgage is paid off. I don't intend to move. I plan to give my son £250,000 to buy a house using the 7 yr tax rule. Anybody have any ideas for the best place to put it. I am a 64 yr old recently retired female. My husband is also retired and 73. i have thought of national savings as it should be safe. I will use my ISA allowance for both of us first. Thankyou.
i hope you savvy people can advise me. I have just inherited £600,000 from a relative.
My own mortgage is paid off. I don't intend to move. I plan to give my son £250,000 to buy a house using the 7 yr tax rule. Anybody have any ideas for the best place to put it. I am a 64 yr old recently retired female. My husband is also retired and 73. i have thought of national savings as it should be safe. I will use my ISA allowance for both of us first. Thankyou.
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Comments
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Spidermidge said:I plan to give my son £250,000 to buy a house using the 7 yr tax rule.
In terms of the wider question, much will depend on what you want to use the money for and when, but you might find this helpful:
The Flowchart - UKPersonalFinance Wiki1 -
Spidermidge said:Hi,
i hope you savvy people can advise me. I have just inherited £600,000 from a relative.
My own mortgage is paid off. I don't intend to move. I plan to give my son £250,000 to buy a house using the 7 yr tax rule. Anybody have any ideas for the best place to put it. I am a 64 yr old recently retired female. My husband is also retired and 73. i have thought of national savings as it should be safe. I will use my ISA allowance for both of us first. Thankyou.
If no it might be better for you to do a Deed of Variation such that the £250k comes direct from the relatives estateNever pay on an estimated bill. Always read and understand your bill6 -
Hi
money due within the next 28 days. Thanks0 -
If the person you have inherited from died within the last 2 years you can gift via a deed of variation which would avoid having to rely on the 7 year rule. In effect the £250k will never form part of your estate. It is a very simple to do and you don’t need to do it through a solicitor.
https://www.gov.uk/alter-a-will-after-a-death
7 -
Spidermidge said:Hi,
i hope you savvy people can advise me. I have just inherited £600,000 from a relative.
My own mortgage is paid off. I don't intend to move. I plan to give my son £250,000 to buy a house using the 7 yr tax rule. Anybody have any ideas for the best place to put it. I am a 64 yr old recently retired female. My husband is also retired and 73. i have thought of national savings as it should be safe. I will use my ISA allowance for both of us first. Thankyou.
Today savings rates are above inflation, but that is often not the case, so the real value of cash savings gets slowly eroded. Not helped by NS & I not normally having the best rates on offer.
So really it would be sensible to invest some of the money as long term it should grow more and beat inflation.
No need to invest in anything too risky, just a mainstream medium risk investment.
It depends to some extent, what your objectives for this £350K are, and whether you already had significant savings and investments already.
An annuity is also a possibility with some of it.1
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