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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:
DepthOfTheAbyss · 21/02/2022 16:25

Yes I’d split £100k between my family. I’d expect them to do the same for me!

BalladOfBarryAndFreda · 21/02/2022 16:26

I’d give a bit to my mum because she is on the bones of her arse (we already help her out financially) but others? No.

Original poster
SilverDoe · 21/02/2022 16:28

@BrieAndChilli

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.
Yah I don't want to go into detail but it's been mentioned by a relative on one side that the grandparents on one side may have changed their will after finally making contact with him, so it's possible he is a named beneficiary.
OP posts:
PurpleDaisies · 21/02/2022 16:30

The monthly flowers is such a lovely idea!

My family would prefer the equivalent value as a one present of cash/something they’d chosen. Monthly flowers from me would just be a massive reminded that I had money and they were broke.

MrsPsmalls · 21/02/2022 16:31

250k for me, 100k adult Ds, 15k each to 10 nephews and nieces.

Underpaidsnackbitch · 21/02/2022 16:31

Although it's not a huge amount of money in the grand scheme of lottery wins, that would still be a life changing amount for me. I'd put 250k towards a house (alongside my current equity so I'd have a bigger, mortgage free home) £100k set aside for DS, 50k split between my DM and Dsis and 100k for me to save / invest / drip into pension.

deadlanguage · 21/02/2022 16:32

I’d probably use the £500k to buy a house (that gets you a 4 bed detached around here) and then I might give some of the equity (we have about £100k, so maybe I’d give around £40k) from our current house to my younger sister to help her with a deposit. Depending how much would be left over after moving costs and I’d got a new kitchen to my precise specifications Grin

ThatPosterIsSoRight · 21/02/2022 16:33

Ha ha I’ve had these detailed thoughts about my imaginary premium bonds win too! When I was younger I’m sure I’d have given large chunks of it away, but now I’m older and meaner.

Eg in my 20s, my grandma gave away £3,000 a year (the max for no inheritance tax implications). 3 grandchildren (other 2 are my siblings). Idea was we would take it in turns to receive it.

Whenever it was my turn I said no - I had a good job and was very single - I said give it to my older sister (who was married and struggling a little financially).

Stupid me. My savings quickly disappeared once I found a partner and had children. Meanwhile I realise now that my dsis and BIL were struggling because they lived beyond their means with super expensive hobby (a mumsnet favourite hobby) and they went in to become pretty wealthy once earnings caught up.

So I’d give a big chunk to my DC, but with other people in the wider family it might be specific help rather than cash - eg driving lessons for one person, private psychiatrist for someone else, swimming lessons for the great niblings etc.

RebeccaManderley · 21/02/2022 16:43

If I had a mortgage or was renting and had a young family I would feel this amount would not go far so would keep it. It would not buy a house where I live.
In my position, I have paid off my mortgage so would probably split it between myself and my adult DC. My portion would allow work to be done on my house and give me some savings and the DC could put it towards a house.

Cakecakeandcake · 21/02/2022 16:43

For me this would be life changing as I’m on a min wage job. We have a tiny mortgage. So I would decorate the house, pay of small debts, put money away for kids future. Give mum and dad and sister some. God I’m getting excited already thinking about it lol 😂

OnlyAFleshWound · 21/02/2022 16:45

We could pay off our mortgage and afford the renovations that the house desperately needs. There wouldn't be much left over

JaninaDuszejko · 21/02/2022 16:46

Interesting. I think I'd take everyone away on a holiday but nothing else. But my siblings all have professional jobs and already own property.

£500K would pay off our mortgage and top up the pension but wouldn't change my life. With £1M I'd be more inclined to start dishing out significant sums to my siblings but that would come after giving each child money for a house (assuming they aren't in London).

prettyteapotsplease · 21/02/2022 16:50

I'd like to think I'd be generous but I just know that it would cause ructions due to previous conversations about a hypothetical win.

On balance I think I'd best keep quiet about it - it's safer. Keeping quiet would be the better option. It's not as though I'd put a sports car on the driveway which would cause suspicion. I'd fritter it away slowly on life's little (and not so little) luxuries.

dw

WhatATimeToBeAlive · 21/02/2022 16:52

@TheCanyon

No. 500k is a tiny amount of money.
WTF?! Shock
AdoraBell · 21/02/2022 16:53

I would tell DH that I’d won £1,000. This because his family are grabby and would insist on having most of the money, or where I have to donate it.

So having handed over the 1K I would invest half and then split the rest between our 2 DC.

lemmein · 21/02/2022 16:54

I wouldn't share with extended family (and would probably feel guilty too) 'cos I have 2 adult children so would split it equally with them. I'd have nothing left after paying off the house/bills.

lemmein · 21/02/2022 16:55

Also, I only do the thunderball too OP so pester my brain with guilt over this scenario quite often - you're not alone Grin

illyawasthebest · 21/02/2022 16:55

Yes of course.

My parents had shit jobs looking after other people and live in a shit home now.

I'd willingly buy them a new one.

We're not even that close but I wouldn't think twice.

IntermittentParps · 21/02/2022 16:56

I'd pay off my dad's mortgage and any debts he's in (I suspect quite a lot) and see what was left, but would probably give him a sum to put in the bank as well.

I'd hope there'd be some left for me and DP after that, but it wouldn't be the end of the world if not; we're relatively young, not really struggling financially and have some earning years left. My dad worked hard for decades and has had to continue past retirement age, but he deserves a rest now.

MsMeNz · 21/02/2022 16:57

Yes I would, that amount I could pay hosue outirde, have a good amount of emergency savings, upgrade car and have fully stocked sink funds. So I would say I'd give away around 100-150k that would help my siblings and parents out a lot. An upgraded car and a few small house deposita there

Anystarinthesky · 21/02/2022 16:57

I would buy my sister a car and pay for us to go on a luxury holiday.

NotImpossible · 21/02/2022 16:58

Yes, I'd share.

TravellingFrom · 21/02/2022 16:58

Nope I wouldn’t.
But then I have some chronic health issues and struggle to work.
It’s also not such a big sum…

DisforDarkChocolate · 21/02/2022 16:59

Highly unlikely, I have too many children and a mortgage.

I may pay for some updated on my in-laws house ie kitchen to make it easier to use but only because they have been amazingly supportive in the past.

Ramalamadingdongs · 21/02/2022 17:01

No. 500k is a tiny amount of money.

What the fuck? It's half a million pounds!! How privileged are you that you think that's tiny?!

Yes id share because I would like to make my families lives easier.