MONEY MORAL DILEMMA: Should Richard have a ring of truth?

This week's Money Moral Dilemma

Sadly Richard's grandma has passed away, so he and his cousins (from the rich side of the family) have been given an equal share of everything. As the house is being sold and the proceeds divided, all the cousins agreed to go through it, taking any mementos they wanted. Richard took a battered old ring his gran used to wear, to give to his daughter. Yet when his wife saw it, she realised it wasn't costume jewellery, but real diamonds and worth about £8,000. Should Richard keep quiet or sell the ring and share the proceeds?

Click reply to enter the money moral maze


Please remember, be polite to other MoneySavers, even if you disagree with them

Also read the last MMD: Should Jenny kick them out?

PS. And just to confirm this is an entirely hypothetical situation. Each week in the email I will be asking those questions. And yes, the lack of detail, the phrasing, all of it is deliberate to invoke debate (nice debate too). Enjoy the money moral maze.
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Comments

  • He should sell it and share the proceeds, so that the original agreement of equal shares can be met.
    Touch my food ... Feel my fork!
  • he should keep the ring happy new year martin
  • MJay
    MJay Posts: 148
    First Anniversary Combo Breaker
    Forumite
    Nah!!! The others don't need any more cash or momentos... Let his daughter enjoy the ring, insure it and have it as a permanent "fallback" position from granny!!
    :rotfl: Older and growing
  • Jay-Jay_4
    Jay-Jay_4 Posts: 7,351 Forumite
    He took the ring for his daughter, presumably as an heirloom and not to be flogged for profit. If he took it as a keepsake and is sure that his daughter will treasure it then of course he should keep it, it doesn't matter how much it's worth.

    If he's had it valued and intends to sell it for whatever reason then I think he's morally on dodgy ground.
    Just run, run and keep on running!

  • Rachel021967
    Rachel021967 Posts: 1,015 Forumite
    I don't think money comes into it. He took the ring to give to his daughter as a sentimental keepsake which would of probably delighted his grandmother. I think he should keep the ring for his daughter as a memory of her great grandmother.
  • I think he should keep the ring - who is to say that something one of the others took is not worth a lot of money??? Not sure about giving it to his daughter - what about the other cousins children ???? I would either keep it for much later on - or sell it and keep quiet. !!
    I have had brain surgery - sorry if I am a little confused sometimes ;)
  • TheFaqqer
    TheFaqqer Posts: 96 Forumite
    Heart says "keep it" - he took it as an heirloom for his daughter (rather than taking something for himself), so give it to the daughter, insure it, and keep it safe.

    The question I would have would be about the inheritance tax that should be paid - if the estate is worth above the threshold then he has no choice but to declare it, and pay the appropriate level of tax on the item. Nothing to stop him still keeping the ring after that, but only out of his share of the estate.
  • Well done on your inheritance, Richard. Keep the ring and keep quiet about it.
  • Keep it, don't sell it and be quiet about it!
    THE LONG AND THE SLOW ROAD SEEM TO APPLY TO DEBTS AND DIETS... THE TWO THINGS I WANT TO SEE THE BACK OF...:D
  • victory
    victory Posts: 16,188 Forumite
    Depends if he really needs the money and it is just sitting there waiting to be sold to cover his debts, living expenses etc, rather better to have it in the bank and being able to cover his debts now than they accumulate in interest if he actually has a way of reducing them. xxx
    misspiggy wrote: »
    I'm sure you're an angel in disguise Victory :)
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