What should I do with my inheritance?

Categories: Financial Planning and Guides.

Receiving money, property or valuable items by way of inheritance may not be a desirable way to acquire wealth but it can be life changing.

What should you do with your inheritance?

The answer to this question is easy but you may need advice to determine ‘how’ you achieve it.

The answer to what you should do, is actually another question:

What do you want to do with your inheritance?

Do you want to keep it safe for future generations? Do you want to use it to supplement your income? Do you want it to replace your income?

When you know what you want to do, the best advice is to seek advice from an appropriate source.

For example, if you have inherited a house, do you want to sell it, move into it or rent it out?

Depending on your plans you may need to speak to an accountant, a mortgage adviser, an estate agent or a letting agent – or, all of the above!

If you have inherited a large sum of money do you want to tuck it away somewhere safe for the children or grandchildren, invest it so it grows or use it to fund your lifestyle?

You’re most certainly going to need to get financial advice and go through the process of creating a structured plan.

Inheriting a complete portfolio of shares or a percentage share of a portfolio (split between other beneficiaries) may leave you wandering what to do. For inexperienced investors, seeking advice would be essential. Keeping the shares without reviewing their suitability and aligning them with your goals your could expose you to risks you would not ordinarily take.

There are many factors to consider when creating a financial plan. What do you need now? How much will you need in the future? When will it be needed? 1 year, 5 years or 20 years from now?

Failing to plan is planning to fail.

Depending on your precise needs and requirements, a financial plan can be specifically tailored to meet your desired outcome.

We can help you put together a tailored financial plan and our initial consultation is free.

Alternatively, if your plan is to travel the world in style, you may want to get in touch with a travel agent!