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Original poster

Would you share £500k with family?

204 replies

SilverDoe · 21/02/2022 15:44

If you acquired £500k, would you share this sum with people outside of your immediate family (i.e. partner and children?)

Please note this is an entirely hypothetical bored Monday afternoon musing... I only play the Thunderball now if I ever play the lottery and kind of had the realisation that as a young parent who rents privately and doesn't own a car, I probably genuinely couldn't afford to give much of a windfall like that away. But that makes me feel awful! I always assumed I would give away some percentage of any crazy windfall away..

What would you do with it in your shoes if you won that kind of money?

OP posts:
Stripyhoglets1 · 21/02/2022 16:01

Yes I would. I'd give about 10k each. To 3 people. And 6k to another who is on dusavi3lity benefits so would be penalised if I gave them more - and 1k each to another 3 adult nieces and nephews. And then 250 each to 4 child nieces and nephews.
I'd love to be able to do this.
Would leave plenty to buy a better house and provide kids with a good deposit for their future.

PurpleDaisies · 21/02/2022 16:01

Posted by accident!

I would have to sacrifice something that I would consider really beneficial in order to give a total of £40 - £50k away to family.

I wouldn’t think of it like that at all. Would I have been thrilled to get a £450k windfall? Absolutely yes. Will my family be thrilled to get £10-15k windfalls? They’d be absolutely over the moon and it really would make a difference to them, much more than just going on a nice holiday. It would be worth it for me to keep a small mortgage when I would have expected to be paying so much more.

It’s totally up to you though. Everyone’s family is different.

AuntieMarys · 21/02/2022 16:02

No! I would give to my children but that's it. To be fair I don't have much family...neither does dh.

DDfollowed · 21/02/2022 16:02

I'd not tell anyone but pay off my mortgage. My immediate family don't need the money but I'd be in a better position to help if they did with no mortgage.

drpet49 · 21/02/2022 16:03

Yes I would. Can’t imagine not helping them.

JustJam4Tea · 21/02/2022 16:05

We'd have about 1/2 left after mortgage paid off. Have a v nice holiday.

Then DH would want to use some for his kids to have a deposit on a house/flat.

WhatsMyNameGonnaBeNow · 21/02/2022 16:06

Yes, if it was “out of the blue” money like a lottery win I’d give my siblings @ 10k each and the DNs 1k each. I mean unless you’re in horrendous debt and 500k is a drop in the ocean, then it’s all extra money so I don’t see how you’d be sacrificing something?

cptartapp · 21/02/2022 16:09

No. My parents are dead and PIL in their 80's have well over that sitting in the bank already. Not being enjoyed, not being spent. Sod it if I'm going to add to it to just sit there some more.

TheMooch · 21/02/2022 16:09

Yes. I wouldn't give masses away but I would pay for my siblings to have holiday and make memories with their children. And I would replace the conservatory at my mum's because its a dysfunctional wind tunnel (rubbish construction) and I'd pay a monthly subscription for flowers to be delivered to all of my family monthly (or gin depending on the person).

Comedycook · 21/02/2022 16:11

£500k isn't really life changing. All I'd be able to get is a slightly larger, nicer house in my area and that's with selling my current place too. Plus a newer car. Then some for a holiday and to put towards kids future. I'd probably share a small amount...ie. 20k with my sister but that's it

Original poster
SilverDoe · 21/02/2022 16:11

@WhatsMyNameGonnaBeNow

Yes, if it was “out of the blue” money like a lottery win I’d give my siblings @ 10k each and the DNs 1k each. I mean unless you’re in horrendous debt and 500k is a drop in the ocean, then it’s all extra money so I don’t see how you’d be sacrificing something?
You're right, obviously this is light hearted but when if it ever came to crunch time I'm sure I'd give at least £25k away shared between family.

Just thinking about breaking down the costs in my area - between house, car, debt payoffs, and putting money away for the kids there is nothing left on paper! And the idea of taking money out of the kids accounts to give to my siblings feels weird. I suppose it depends on your relationships with your family plus their circumstances.

OP posts:
Original poster
SilverDoe · 21/02/2022 16:13

@Comedycook

£500k isn't really life changing. All I'd be able to get is a slightly larger, nicer house in my area and that's with selling my current place too. Plus a newer car. Then some for a holiday and to put towards kids future. I'd probably share a small amount...ie. 20k with my sister but that's it
Yeah I see that. For me it would be absolutely life changing but that's because I rent privately so the idea of owning a house outright let alone a really decent one that meets our needs is mind boggling to to market prices here.

If I was already even on the property ladder with a mortgage I'd be much more generous

OP posts:
SpiderinaWingMirror · 21/02/2022 16:14

I am older than you so I would give a chunk to my adult dcs and put the same away for the teen. So 100k each
I'd keep 200k for a holiday and my old age.

MintyFreshBreath · 21/02/2022 16:15

Tbh, once we’d paid off the mortgage, all debts (including student debts), chunk into savings, amazing holiday and £15k (ish) to the kids, there wouldn’t be loads left over. It would give me the opportunity to go part time though if I had no mortgage and debts though which would be fab but I couldn’t do that if I gave away every single penny. Giving away huge chunks would only happen if I won into the millions.

Original poster
SilverDoe · 21/02/2022 16:15

@TheMooch

Yes. I wouldn't give masses away but I would pay for my siblings to have holiday and make memories with their children. And I would replace the conservatory at my mum's because its a dysfunctional wind tunnel (rubbish construction) and I'd pay a monthly subscription for flowers to be delivered to all of my family monthly (or gin depending on the person).
The monthly flowers is such a lovely idea!!
OP posts:
Classicblunder · 21/02/2022 16:15

Our families are doing fine so no but I would give a proportion (10-30%) to a charity - in the developing world

HopefulProcrastinator · 21/02/2022 16:19

We currently rent. In the area we live in we could get a decent 3 bed semi detached for around £400k which would leave me with £100k to refurbish my parents house and make it disability friendly.

Despite pretty much every professional agreeing the house is not suitable my parents aren't eligible for any funding to help make it suitable (the council won't pay even though entitled because they can't afford to pay for everyone who's entitled - meaning no one gets any help instead of at least some people getting help). They aren't wealthy by any stretch, but because they have a small private pension they aren't eligible for any help.

I can imagine that my husband would be disappointed that we wouldn't target a 4 bed house instead, but I'd feel like the worst person if I didn't help my parents if good fortune were to fall in my lap. The in laws wouldn't get a penny though - they don't need it and have never helped us out in any way, shape or form so feel no obligation to make their lives easier.

Eightiesfan · 21/02/2022 16:19

No, all my siblings are adults who own their own houses so I probably wouldn’t even mention it to them and just pay off my mortgage and save the rest for my kids. I’d I had a sibling who was not doing well financially I would probably give them a few thousand.

DeadButDelicious · 21/02/2022 16:20

I do love spending imaginary money!

£200k to buy a house similar to the one we're currently renting and 'do it up' by which I mean redecorate, buy new furniture etc.

£100k for DD to help get her on the property ladder one day.

£50k into savings.

£50k for my brother to help with a deposit to buy his own place.

£50k for my SIL and her family.

£50k to each set of parents.

BrieAndChilli · 21/02/2022 16:20

Probably off on a tangent but your partner won’t inherit from birth family unless he is specifically named in the will. He is legally no longer a relation so if will says something like all grandchildren or his biological parents die without a will he will not be able to have any claim to any inheritance.

Enzbear · 21/02/2022 16:21

I would give my dsis, dbro and dsil a few grand each for a really nice holiday. Rest would be for me dh to retire immediately and to spoil grown up dc more than we already do.

BeastOfBODMAS · 21/02/2022 16:21

I wouldn’t ‘give’ the money away but I’d offer to go into business with my brother and use half to start us up.

CrimbleCrumble1 · 21/02/2022 16:22

I’d help my grown up DC but that’s it.

DetailMouse · 21/02/2022 16:23

No, I wouldn't tell a soul

GreeboIsMySpiritAnimal · 21/02/2022 16:24

Nope, but we'd probably write off some money my DM owes us. Then pay off our mortgage and take a nice holiday!

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