Advice for substantial inheritance

jaybee

I shall soon (hopefully!) inherit a substantial amount of money and really need to know that is the best thing to do with it. Hopefully I shall be able to give up work (I am 60 and have state pension plus a tiny private pension). What is the best thing to go for? I don't understand shares and stuff so would rather go for something fairly simple! Any advice gratefully received. Thanks.

Poppy9

Are you single I could come and help you spend it

jaybee

Poppy9 - I have my own spending problems, thank you!!!!!! (Which is why I'm finding my feet on this site!!!!).

dunstonh

I don't understand shares and stuff so would rather go for something fairly simple! Any advice gratefully received.

Simple doesnt always mean best. Some of the fund supermarkets are very easy to understand. They can also be very flexible in their offerings. Flexibility and features can be confusing if spurted out in a list. However, it doesnt make them a bad thing.

You havent given us enough detail on what you are looking from with the money.

Robert_Sterling_3

Can you say what you mean by SUBSTANTIAL.

montycat_2

I recently inherited a large sum and ,the first thing I did was put it into a high interest Savings Account whilst I shopped around the banks and building society (oh and an IFA).
I have also paid my mortgage off.
Currently I am collating info.from the various institutions as to what best to do with my funds .
One piece of advice ,take your time over it as hasty decisions could lead to costly mistakes .
It does help to know what you want from your money as well.
In my case ,I need an income .(widowed with 3 young kids).
Good luck

jaybee

Robert_Stirling: I'm not really sure yet as there are shares etc to be sold as well as a house. It looks as though it will probably be around £300,000.

dunstonh: I shall hope to give up work (I'm 60 anyway and only working part-time at the moment). I really would like to make the money work for me to give me an income so that I don't need to worry!!

montycat: I think I'll probably do the same as you while I'm looking around and thinking what to do! A big hug and many thoughts and feelings to you and your children. I hope that life will improve for you.

Thanks to you all.

cheerfulcat

jaybee wrote:

I shall soon (hopefully!) inherit a substantial amount of money and really need to know that is the best thing to do with it. Hopefully I shall be able to give up work (I am 60 and have state pension plus a tiny private pension). What is the best thing to go for? I don't understand shares and stuff so would rather go for something fairly simple! Any advice gratefully received. Thanks.

Hi, jaybee,

The best thing in terms of returns would almost certainly be shares-based; however, if peace of mind is worth more than the extra money to you, then fixed term, fixed rate deposit accounts are well worth considering, especially as you have some income already. At current available rates £300,000 would bring in around £900 a month after tax. If any of this income is surplus to your requirements, you could invest what you don't need in the stock market or use it to feed one of the high-interest savings accounts available now; that way you can build your nest egg to prevent inflation taking a chunk out of it.

Good luck!

Cheerfulcat

Robert_Sterling_3

Thank you for your reply.
The amount is certainly substantial.
Even at 5% interest gross ( 4% after tax )
it should make you £12,000 per year.

jaybee

Thanks cheerfulcat and Robert_Sterling. I just hope it all gets sorted out quickly and the house sells soon!

Poppy9

Be careful who you trust. People thought they were investing with the Halifax and look what happened to them. The Halifax have still not stated whether they will reimburse clients

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