250k inheritance to spend but on what??

[TheMuminator2]

Came out of the blue from a relative we hadn't seen since we were young. Am tempted not to spend a penny and just invest

Buy a nice house!

dangg.. maybe I’m related to that relative too..

I work in the probate department at a solicitors and I love it when people receive totally unexpected legacies. It’s loveky having that person suddenly become such a big part of their lives and of their future, when before they were lost in their past.

£250K would make a huge difference for me. I’d buy a house (decorate etc) and use anything left over for a holiday to Italy, driving lessons and a car for myself. I’ve wanted to move for a long time but have never been in a position to save. An inheritance like this be a sign to put my plans into action and I’d not hesitate!

However, if like you, I already had a nice home, I’d buy a property and rent it out and plan some real adventures with my family.

Paying off the mortgage is only worthwhile if it is a high rate of interest (unlikely) you would be better off financially in the longer term getting the money to work for you.

Ultimately you need to prioritise a nice holiday and an appointment with a reputable financial advisor.

Get a tesla they just droped their price but still 80k

I'd buy a house and rent it out as an investment.

Something similar happened to us recently with a slightly smaller amount of money. About a quarter was used to pay off a home equity loan, leaving us mortgage free, another quarter is going to a new roof and some other home repairs and the rest we're banking for university costs for the kids (we're Yanks, so much more expensive here).

The cash freed up every month from not having to pay on the home equity loan will go into additional pension contributions as we're closing in on retirement in the next 10 years or so. This is all pretty boring but practical and prudent.

Pay off mortgage, loan and car. Or buy a new car. Book a couple of holidays.

What a lovely thing to happen. Most people's dreams.

In this order, I would:
update and remodel the house (it's very scruffy)
have a fantastic holiday
invest the rest for old age.

I'm only not giving anything to DC because this has actually happened to them. Elderly relatives left them money for college and a house deposit, so they don;t need much else from us for now.

£250k is my number. It would pay off the mortgage and a few debts and leave £120k. Would put £15k each in a savings account for the kids, £30k into savings/pension pot for us, big holiday for the four of us and the rest we’d spend renovating the house etc. We’d also take all of our parents and siblings away for a big family weekend and donate to our kids school. Congratulations, enjoy it!!

@irregularegular Your Parents didn’t pay any Inheritance Tax on their estates, but you may on yours. That’s the time to leave gifts to charities, in your Will. This legacy you’re receiving now has been left to you by your parents, they wanted you to have it. If they had wanted to have £50K go to charity, they’d have made it a clause in their Will - same as you can. But they didn’t, because they wanted that money to go to you.

Please don’t feel guilty because your parents weren’t rich enough to have assets in excess of the combined nil rate bands!

Congratulations, op I love threads like these and I'm poor. That's in reply to the cats bum face poster.

I would:
Pay off my small debts
Buy my mum and sister cars and sort out a legal situation for my mum,
Take my mum and all my sisters and children on a holiday for 2 weeks,
Finish my new house works,
Then buy 2 flats in my local area, it's a nice but affordable area. This would give me a £1200 per month income which I would keep £200 a month aside for repairs and have £1000 per month income which would be lovely after £64 a week carers allowance.

From my now excess income I would have a nice life and I would invest in my daughters names. From my new income I would save for cars and holidays.

I would start my business and work 16 hours a week which is all I can do around my caring responsibilities and home education but I would have the power to do something I love instead of 16 hours in lidl or aldi (they pay the most for not having to use my mind too much).

I still wouldn't get a pension as without employer contribution, I just don't see its worth it after fees. I keep doing calculations but I'm happy to have rental income and downsizing when older. I'm also not planning a long retirement so will keep money aside to take myself off to die when the time is right.

I'd leave 90% to my dds and 10% to my nerves and nephews to share.

Property, always invest in property.

How lovely for you. It depends on circumstances really, if mortgage free I'd invest without risk for retirement and have a wonderful holiday. If you have children would be lovely to invest for their future with some of it university fees or deposit on first homes. Whatever you do enjoy it

When I lost my father I inherited £80,000 I lived with my partner and the house we lived in was his and paid for. So I bought a 3 bed for £75,000 with my money and rented it out. That was 18 years ago. The income has stopped me needing to work full time. There aren’t any 3 beds in the town for less that £220,000 so mine has to be worth that. So I feel it was a good investment.
I am also inheriting about £80,000 for a relative I didn’t know soon (I was found by heir hunters) I would love to invest that into property too, but that amount won’t buy any property round here now. I’d never just spend it though. So I don’t know how I’ll invest it yet.
I hope you enjoy yours op.

I got a 200k inheritance, I moved out of town and bought a place outright. Bought a car and still had money left. Now I just work locally, whereas all my friends are commuting into London and have big mortgages or big rent. I work locally for less , because I can afford to. I no longer work shift work or weekends like my friends too. I socialise on the weekends too. I'm also retraining so I can earn a bit more money , but not necessarily having to join the rat race per se.

P.s I also had a long lay off from work to and just lived a little bit. Was worth it

Put money aside for your children's uni fees plus for expenditure if they live away from home.. Just going through this and with uni fees @ £9240 per year.. Without accommodation etc you can imagine where the money is needed

What's this thing with Florida? Massively polluted, and don't get me on racially charged voter fraud by the GOP...3

Enjoy some of it, save some of it and pay down any debt!

Do NOT buy a buy-to-let property - property is an expensive and illiquid investment (which doesn't matter when you are living in it!) and the returns you will get after all costs are paltry after all the costs - stamp duty, maintenance, tax, void periods.

Far better to invest with a recommended, independent financial adviser.

Enjoy half and save half would be my advice! I was in a similar position (no kids) and have bought a couple of new cars and had nice things done to the house. The rest is invested and doing quite nicely, thank you! (Fingers crossed, of course!).

pay off debts
renovate
holiday of a lifetime for 6 weeks summer hols somewhere
rest on mortgage if there is any mortgage left

re-ponder moving to a castle and starting the business there

Been there and done that.

I bought a property which is let at the moment and brings in rental income but it is somewhere I would consider moving into if I donwsized in later life.
For pleasure I bought a small motor home and have had some great holidays.
Bearing in mind the age of your kids and the cost of going to University in your position I would definitely put aside money for them to use as they chose on that or a deposit for a house.
Enjoy it!

Pay off my mortgage and be left with about 5k

But aaahhh imagine not having to pay a mortgage, I'd feel so much freer!