What would you do with £180k

[MyOtherProfile]

We are about to inherit this amount from a childless family member. We don't have a mortgage and live within our means so don't need it to pay off any debts. We plan to see a financial advisor but just wondered what people on here would do with this amount? It wouldn't stretch to a second property round here.

Give to your kids?

I'd be putting some money aside for 18+ education, house deposits etc, some aside for us in future and then have a good holiday

I think I'll inherit this much shortly and actually it's hard to know what to do. We live in London and it's not enough to upsize. It's also not enough to buy a nice holiday place, plus I'd have second home guilt. And our house is already extended. So we're very lucky, but boringly will put into ISAs, pay off a fraction of our mortgage and pay into our pension... nothing life changing!

@GoGlennCoCo

I think I'll inherit this much shortly and actually it's hard to know what to do. We live in London and it's not enough to upsize. It's also not enough to buy a nice holiday place, plus I'd have second home guilt. And our house is already extended. So we're very lucky, but boringly will put into ISAs, pay off a fraction of our mortgage and pay into our pension... nothing life changing!

On the 'nothing life changing' point - for many retiring 5 years earlier than they would otherwise do could be totally life changing. It might sound boring, but could also be transformative.

We have inherited a similar amount. So far new car (other one needed repairs that were £££) and work on conservatory. We have other work that needs doing to the house as well.

Not sure after that.

I'd keep 60k (probrably use as a deaposit on a BTL property)
Give 60k each to my siblings (they need it more than I do)

@Inextremis

We're in exactly the same position, but have no children nor living relatives. We're planning on totally renovating our home and making sure it's adapted for our future aging - wider doorways in case of wheelchairs, 'step in' bath, ramps where there are steps etc. Having said that, there's a lot of renovation to be done, as we've spent the past 20 years living with dodgy plumbing, no central heating, and no real kitchen! We're using 5k each as 'glee money' to treat ourselves to whatever each of us wants - new computers, or clothes, or charity donations - money we can be frivolous with without having to justify the spending to anyone else (or each other). Anything left over will be invested towards our pensions. It's a great position to be in, and it's such a relief after decades of living very frugally!

If you are planning on a step in bath make sure you research really well first, they aren't that great (as well as being eye wateringly expensive.) There is still a step to get in so need good mobility, one needs to be able to sit on the seat and get back up again and most importantly you have to sit in it whilst it fills and then empties. They often work in the short term but not as needs change. A bath with equipment or a walk in shower are generally better long term options.

Sounds like you have some good plans though.

If I didnt need it to pay off a mortgage, I would defo hand it down to DCs to help with their mortgage costs / deposits if no homes bought yet

I spent very little of my inheritance and have invested most of it to ensure I can retire at 55 and start travelling. Not too long to go.
It's in s&s ISA's (and DH), DH pension and premium bonds.

Buy to let property. But a small flat in a wise area and you can live off the rent for many years and your children will have a lovely chunk when you are gone. Property always go up in the long term

I'd definitely give a large sum to charity (since you have no mortgage and seem to be comfortable). We had an unexpected windfall and gave most to the hospice who cared for FiL in final days. If our children knew they'd probably never speak to us again!
But it made us very happy to be able to make such a gesture.

Buy gold with it for the future.