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Inheritance used to pay debts or invest ??
Tinker_Time
Posts: 2 Newbie
I’m about to inherit circa £100k in trust, which on one hand is sad on my loss but on the other I’m very fountate.
With this money I have to invest and give the interest to an elderly member of my family. Based on interest rates of 5% I will be giving circa £400 per month, I currently have a mortgage of £70k, which I pay £520 per month, is the best form of investing paying off my mortgage and debts, investing the remainder and paying the £400 myself? Or is there a better form of investment?
Another member of my family was also left circa £100k, and has no mortgage or debts, which is the best (and relatively secure) way of investing?
With this money I have to invest and give the interest to an elderly member of my family. Based on interest rates of 5% I will be giving circa £400 per month, I currently have a mortgage of £70k, which I pay £520 per month, is the best form of investing paying off my mortgage and debts, investing the remainder and paying the £400 myself? Or is there a better form of investment?
Another member of my family was also left circa £100k, and has no mortgage or debts, which is the best (and relatively secure) way of investing?
0
Comments
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You will have to look carefully at those will conditions - you might not be able to just say 'it will be £400' - take proper advice on this.0
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Hi,
If the money is in trust you must not use it to pay your mortgage; it must be invested as specified. While I would not normally suggest that someone see a financial adviser, in a case like this it would be best to take some ( fee-paid, not commission paying ) advice as you have a legal responsibility to take care of the money to the best of your ability, and taking advice from strangers, no matter how well meaning, on an internet bulletin board is unlikely to be seen in that light.
As to the investment of £100,000 left to your other relative; without knowing their age, employment status, existing investments and general financial situation it is impossible even to begin to suggest suitable investments.
HTH
Cheerfulcat0
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