Did inheritance in middle age change your life?

[dragonsbbq]

We may or may not inherit in the future depending on circumstances, it could be very little or a substantial amount. I wonder how it would change things for us if we did inherit as we have already had to work hard to get on the housing ladder and our DC are nearly finished school. I think it might have made a bigger difference to inherit at a younger age. Has anyone inherited a substantial amount and how did it change things for you?

I inherited a large amount on the death of my parents. We have just invested it in various places and plan to give it to our children when they are ready to buy property.

DH inherited a little from his parents after care home fees. It has meant that we will be able to retire a couple of years sooner. I’m 60 and DH is 58 so we will retire when DH is 60.

My parents are leaving the bulk to our DC - which is fine by me.

Someone has to die for there to be an inheritance. There's never a convenient time.

When my DP died, the estate was split half and half between me and my sibling. I got £270k which i split four ways with my 3 DC (late 20s/early 30s). I paid off the last bit of my mortgage with mine, then put the rest in my SIPP. All DC used their money as deposits on their first properties. Three years on from losing my darling parents, their kind bequests have left my family stable and settled in a way that I know they would have been proud of - and that would have taken us another 10 years at least to get to without them So yes, life changing.

I inherited a substantial amount last year and have paid off mortgage, invested the rest and I’m getting ready to retire (as I can live off the investment income), until I can access my pension. I’m 56.

I'm 40 and not expecting an inheritance any time soon, not unless my parents decide to pass on their inheritance from my elderly grandparents (which they will almost certainly get in the next few years). Feels weird to think about it tbh. A lump sum would be extremely helpful of course - life is expensive! - but I'd rather have my parents around and healthy for as long as possible.

I think it is important to give yourself a break of 6 months to a year before you actually decide on everything. That first rush is related to "treating" yourself i.e. the car you want, holdiays etc.

Knowing that you have some cash in an account can help you think about wealth differently and set yourself up for less stress in the future.

(nc). I unexpectedly inherited £700k when I was 43, 5 years ago; my grandmother died and my mother (late 70s) passed everything on to my sibling and I. It has been life changing. I paid off the mortgage, sunk a chunk into my pension and investments, and quit my soul-destroying job to go freelance in the arts. I now have a comparatively low salary and whilst I work hard, my life is so much calmer and better. Because I'm mortgage-free my lower income covers most of what I need, and I have an available solid pot of cash I can draw on if I want something which it doesn't cover (a nice holiday, house repair).

I doubt I will inherit anything, both mine and DW have parents and grandparents who have rented their whole lives. I sometimes think how rubbish that we will never benefit from it, paying off mortgage, having a savings pot for retirement. But we got in the property ladder a few years ago and at least we won’t be hoping for an inheritance and then see it wiped out on care fees. I work with adults in care homes and the amount of times I’ve heard how their children had been promised the house/inheritance and now it’s all gone, a lot of people feel robbed. Whereas I know where I stand

Yes I inherited from my DH at 47 (the house we lived in) and sold it paid off the mortgage (not insured) and bought one with the equity. Then I inherited from my parents and bought a small flat in London which has given me an income (yep I’m a landlord! But a very good one). My kids were 4 and 6 when my DH died so it was great not to have to go back to work when they needed me most.

I had a small inheritance from an uncle when I was in my mid 30s and we used it towards the cost of our wedding. We stand to inherit c. £400k from parents which will enable us to clear mortgage maybe retire a bit earlier. But quite honestly we’d prefer to have the parents around as long as possible, all late 80s bit thankfully in reasonably good health other than standard mobility and other old age issues.

Great stories on showing how an inheritance , can significantly change and improve your life for the better.

Lucky people
😻👍

I passed down the majority so that DD and DS had larger deposits and could start their property searches much sooner.

My 3x DSCs already had homes of their own, so instead I gave some to their children.

I inherited 90k when I was 52, I used 70k towards buying a flat for my family disabled DS. So it’s been beneficial to me in a roundabout way as I know he has secure housing and it’s changed his life.
I never expected an inheritance so had never made plans in the basis of getting one.

I'll do the same if I inherit from my dad. He's 94. I don't need the money . I would already have an iht bill to pay myself if I died tomorrow so will do a deed if variation so it goes to them. I was also "lucky" that when my husband died aged 50 I inherited his pension and investments and my children got one of his life insurance policies so they could buy property. I'd rather have my husband and kids their father but I do appreciate all I have.

Money gives you options.
It can be liberating if enough of it becomes yours. So inheriting money at any age can give you freedom and choices you previously did not have.

DH inherited in his early 20's, obviously not middle age. It has made our lives much easier financially. We were able to buy our home outright (in our 30's), and we have savings. That's meant neither of us work full time (which meant no childcare costs), and when a job wasn't working, DH could just leave. It also means that when DC reach adulthood, we'll be a position to give them significant help. So if you are in a position to pass it down, it can make a huge difference. If we inherited the same amount now (and I may yet receive a similar sum from my parents) it'll make far less difference to our lives.

Haven't inherited but my dgps are getting on now and considering their health the topic of inheritance has been brought up by them recently
Dp and I are nearly 40 dc in primary and secondary
We struggled to get on the property ladder with help from dils which is now paid back

We have said to my dgps that anything I would inherit needs to go to the DC instead so that when the time comes they have help that we won't be able to provide them
We both work low paid jobs with little chance to make much more but work long hours
I think it will make a world of difference to the DC when they are old enough to buy

in terms of building wealth a smaller amount at 25 is generally much more helpful than a higher amount at 60. Obviously it all helps.

I inherited a large amount, in my late 50’s. DH and I kept a cushion for future needs, and paid off the mortgages that the children had.

So, yes, it helped both generations.

Ds was 22 and the sole beneficiary of dh’s uncle’s estate. He continued with his career and professional exams. The money gives him freedom from an early age: mortgage free/change career etc which is a huge advantage in your 20s.
I inherited when my dm died but it didn’t really change my life: never had a mortgage as bought house for cash, had retired early so use the money for holidays and to help Dd when she graduates.

My parents inherited sums that weren’t huge, but reasonable. Not life changing by any means, but maybe a total of 50-60k about 20 years ago.

it allowed them to help us out, they didn’t have a mortgage, and so they gave me and my sister money to do work on our homes.

When my mum dies I hope she will have just about spent all of her money on holidays and enjoying life, at which point I suspect I will get 100k from her property. It won’t change my life, I’ll be mortgage free before she goes (all being well) and my DS will have his own home too…but I will be able to help him with something he needs hopefully. New bathroom or kitchen, money for a car etc.

I’m not a fan of inheritance on the whole. However I see the positives it can bring because you can share it with your loved ones and enjoy it like your parents would have hoped. Then I will aim to use all of my own money enjoying my life, passing only my property on as inheritance.

Wouldn’t you prefer to receive the inheritance and then pass this on as you see fit. Isn’t there a risk of giving the full inheritance to someone so young who may not be set in life yet.

Not judging, just asking because I’m interested.

I don't consider myself middle aged (others may disagree, I'm 39) but my share from the sale of my DD's house has enabled me to upgrade from a flat to a house. Not life changing in a huge way, but it'll be nice to have fewer stairs to climb and not worry about getting parked!

We put aside money when my dad died for the kids to help pay for uni.

I have his half of the house coming to me. The other half may be needed for Mum’s care costs at some point. She’s mid 80’s and fighting fit right now though 💖

When I do inherit anything it will go towards our mortgage first. Anything left after that we will invest for kids to have house deposits. We won’t tell them until the time comes though!

I realise I’m extremely lucky. My folks didn’t inherit a bean.