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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

If you received a large inheritance...

54 replies

ifiwereuidhatemetoo · 06/10/2015 17:47

..and had teenage kids, would you ring fence a bit for their future..

OR would you say to hell to that and book an amazing holiday for yourself and buy a sports car?

OP posts:
junebirthdaygirl · 06/10/2015 18:31

We had modest inheritance. Kept every penny for college fund and the amount of stress it has taken off us is unreal. Three in college at the one time. All have jobs part-time but paying for accommodation and stuff is stressful. It is better than any holiday to have it. We save for a holiday and go if we can afford it out of salary.

Pohtaytoh · 06/10/2015 18:33

I would ring fence. My mum ring-fenced for me (received on 25th birthday) and I am forever grateful. It has allowed us to have a lovely home for my daughter, so I think from that point of view she is happy to see us safe financially as a family.

AdoraBell · 06/10/2015 18:34

Would ring fence.

Abraid2 · 06/10/2015 18:37

Deposits for future homes for my children. Possibly pay off some university tuition feels. Extension to my own home, perhaps. Save most of it for a rainy day. My parents worked hard for their money so it would not feel right to fritter it away.

Hellochicken · 06/10/2015 18:38

I got 25k some years ago (you might be thinking of larger amount) anyway I put some in kids JISAs and overpaid mortgage.
But I've been on an amazing holiday in the past and don't (in the slightest) want a sports car.

RaspberryOverload · 06/10/2015 18:39

I'd certainly be looking at a car. Not necessarily brand new, but an economical one that's bigger than my 206, so I can get a wheelchair in the boot for whichever parent I was taking out.

MiddleAgeMiddleEngland · 06/10/2015 18:42

I'd have no use or want for a sports car. I'd ringfence some and save the rest. Maybe have a small holiday but our holiday requirements are modest.

VeryPunny · 06/10/2015 18:43

Ringfenced and not tell them.

TheSilveryPussycat · 06/10/2015 18:43

It depends how much.

At my age I might have to think about inheritance tax planning...

TheSilveryPussycat · 06/10/2015 18:44
  • had I inherited a large enough amount :)
MinecraftWonder · 06/10/2015 18:47

It would depend how much...but, when our dc are teenagers then we'll still have a sizeable mortgage.

So i'd probably do neither - maybe keep a few grand back for help with Uni living costs (if/when it was needed - but without their knowledge) and put the rest into the mortgage.

Kennington · 06/10/2015 18:53

I would buy a house for your kids to live in. Taking into account that everything will be hellishly expensive by the time they are adults.
Holidays are meh, for me.

NationalTrustLadyGardens · 06/10/2015 19:04

I wouldn't bother about the car - I can never understand why people blow money on flash cars. But I do think travelling and showing your kids the greatest sights on earth is one of the best gifts you can give them. So I would do the holiday - with the teenagers - forget the car and put the rest towards their future in some way.

PennyPants · 06/10/2015 19:10

Not that interested in cars as long as they go.
We've been on sooo many holidays and travelled loads before dc so that wouldn't bother me either.
So I would save the majority to help out the kids and boost their house deposit.
Although I might be tempted to save some to buy a campervan in a few years that we could all use , if there was enough left.

Littlef00t · 06/10/2015 19:12

I'm putting mine into the mortgage so in a way deferring the decision, as by the time the mortgage is paid off we'll be able to choose what to do with the extra income we have.

Lambbone · 06/10/2015 19:34

We did. Not stupid money, but enough to make a difference.

Paid off mortgage and did significant work on the house. We did buy a car, but not flash, because the one we had fell to bits. We will be having a long haul holiday, but to visit family. We couldn't have contemplated it before.

Should be some in the pot for the kids. We are very lucky to be able to give them a hand. So many poor youngsters are struggling these days.

BrendaFlange · 06/10/2015 19:35

In some way, shape or form, I would invest it in the future: property if enough, my pension , savings for kids' Uni. Whatever gave the best chance of future proofing me and DC.

Only if it was a huge amount would I blow a little on a holiday.

Squashybanana · 06/10/2015 19:41

We just got half a million (after tax). We have paid off the mortgage and Dh has bought a flash car. Not sure what we will do with the rest, college funds probably, bit on pensions, maybe a second home. We haven't told the kids; don't want them getting entitled. It is very strange indeed.

Whatthefoxgoingon · 06/10/2015 19:42

DC are very lucky that they will inherit houses directly from gps. We've sorted uni fees already. We are going on some spectacular family holidays with inheritance, paying off small mortgage and buying some art to remember the person who was so dear to us. I'm not keen on sports cars and neither is dh.

CurlyBlueberry · 06/10/2015 19:44

How "large" are we talking? To me, if there's only enough for a moderately fancy car and a decent holiday, that wouldn't really be enough to help the kids (I have two, nowhere near teenage yet but thinking of the future) onto the housing ladder... I live in south-west London. I would still probably put some away for them but I'd be acutely aware it wouldn't be two whole deposits on a family house relatively local, so it would feel a bit... "half-hearted" ish.

Being really morbid, when my parents go, if it's not been eaten up in care fees/luxury travel etc (and I hope they do spend it on themselves) there's likely to be quite a substantial inheritance which I would mostly put aside/give straight to my kids. By that point, I hope we would be well over 50 and likely have already paid off our own mortgage and have our own pension plans.

KatieLatie · 06/10/2015 19:45

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

maggiethemagpie · 06/10/2015 19:53

I once heard that the best thing to do with a windfall is to

Save a third
Spend a third
Invest a third

So I would do just that

CPtart · 06/10/2015 19:54

I know grandparents have some money in trust for their education, but not sure how much. I would treat the family to a fab holiday, pay off the mortgage and put the rest aside, either for me and DH To spend or for the DC if their inheritance is insufficient.
New cars don't excite me tbh.

greenfolder · 06/10/2015 19:58

Depends on how much really. My Dhs parents died and him and his sibs got a nice sum each. We bought, over 2years, a car each, mine 8k, his 15k and spent £7.5k on a nice holiday for all of us, and 2k on a guitar. We have kept the rest of it (more than that again) as a nest egg. For the first time in our lives we know that we have something behind us. His older siblings have paid off their mortgages. We hope to add to it in a few years time once they are through uni and be able to give them a bit towards deposit if it can be done.

Imbroglio · 06/10/2015 20:48

Depends so much on the circumstances, including who had left me the money and the spirit in which it was given.

For 'family money' (eg from parents/grandparents) I'd take the long view and invest most of it in some way so that it becomes a foundation for the future, but I'd definitely use a little bit to have a good family holiday and some treats.

If it was from someone else eg godparent, aunt, unknown benefactor, I might feel more inclined to splash out on myself.

I'd love to have some money to treat myself to a sabbatical - a bit of travelling, a bit of volunteering, some new experiences, a 'refresh' - as long as the children had finished their education.

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