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How to look after a sudden large amount of money

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Comments

  • luci
    luci Posts: 6,416 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic

    So sorry for your loss. I agree that you need to take time out before making any major decisions, not only financial ones.

    Hopefully, someone here will be able to point you in the right direction on how to find a good IFA. Most people on here seem to have the knowledge to self invest. We use an IFA and he has been worth his weight in gold.

  • xylophone
    xylophone Posts: 46,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper

    You could try

    https://adviserbook.co.uk/

    if you decide that you need advice.

    Tick "confirmed independent" and other options required when the menu comes up.

  • friolento
    friolento Posts: 4,212 Forumite
    1,000 Posts Third Anniversary Name Dropper Photogenic

    I am with those who recommend you park your money in easily accessible savings accounts, including a £20k ISA for now and the next few months. NS&I is a safe place. You can also put £50k into Premium Bonds.

    Moneyfacts is a great resource for finding accounts https://moneyfactscompare.co.uk/savings-accounts/


    I would not seek the advice of a Financial Advisor (IFA) for now. This can come later. I think these could be better initial resources:

    Moneyhelper:https://www.moneyhelper.org.uk/en

    https://www.moneyhelper.org.uk/en

    https://www.citizensadvice.org.uk/

    I assume that you have Child Benefit already in place. What about Bereavement Support Payment https://www.gov.uk/bereavement-support-payment

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