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

Lovely thread so pleased for you.

I would spend a bit of it on a nice fitting memorial for the relative who left you the money......a tree or something if they liked nature?
With the rest I would invest some, give some to the kids and have a couple of good holidays.
Tobago appeals.

I'd buy a camper van and and a wetsuit and spend a year driving about the west country / skinny dipping in the Lake District. Staring aimlessly at blades of grass and drinking tea in the open, that sort of thing.

Otherwise I'm with whoever said they'd spend it ALL on sweets.

But isn't there something you've always fancied doing, such as cordon bleu cookery, learning to play the piano or kitesurfing? This is your chance. AND I would donate to the PDSA. Think of all those poor little kittens with broken paws that need fixing!

Charity wouldn't be my first thought. Sorry. Property would, though.

I'm never going to inherit any money...sob

I think I might have emigrated to New Zealand :)
If not then buy a house in the UK maybe around the coast

250k is a lot of money and it can set you up for life. Buy 2 houses at 125k each in a university town/city. One to live, one to rent out. Give up work and live a lovely frugal life.

I'll happily take some off your hands if you're unsure 🤷🏽‍♀️😉

Casiloco why not buy to let, as I said above, my buy to let has brought me regular income and almost tripled in value. Ok there would be tax to pay on the increase in value if I sold, which I'm not planning to. If I die my children will pay capital gains on it. Not many investments would earn and triple in value in 18 years. I am not brave enough for the stock market. I know people that have lost a lot in shares.

Do nothing for 6 months

Ginghamstyle.

Yes I will probably leave money to charity in my will too (haven't at the moment as I couldn't decide which charity to choose). But giving money away now is far more fun than donating in my will. I'll be dead then! I won't get to research currently active charities, speak to them, and see what they are doing with the money. And actually, once I'm dead, it makes more sense for my children to decide what they want to do, since they are the ones who are actually around and know the difference. I certainly won't.

By the same token, my parents aren't here, so I'm not sure how much weight their (supposed) preferences should have. They left me and my sisters the money to use as we see fit. No strings attached. Having said that, I do know that they also thought taxation generally is too low and inequality far too high and my mother in particularly got quite angry about acquaintances who worried about reducing their inheritance tax bill. Plus when my parents made their will, there was no main residence nil rate band so they would have been expecting some tax.

Tax wise it makes no difference when I donate. It's tax deductible at either way.

I'm finding it really strange how keen some people are to talk me out of this. I'm really quite financially secure. I'm not sure why people think it is such a crazy thing to do. Just because they wouldn't choose to personally.

@Queenie8 lifecraft if you shop around away from the high street you will find accounts.I do know that Santander were offering 5% on £20000+ last year.

Lol! Santander paying 5% on £20K last year!!!! Are you on glue. 0.5% perhaps.

lifecraft have a look, you might be surprised if you do a little digging.

Queenie8 - if you can find me 5% on 20k I'll give you a cut!

Pay off the mortgage
Invest in pensions
Put some into accounts for dcs future
Give some to friend who's struggling
Holidays

Queenie8 - if you can find me 5% on 20k I'll give you a cut!

Me too!!!

Lucky you! Am now daydreaming about long lost relatives

Do you know about your relative's wishes? What would they have encouraged you to spend it on?

Also am thinking they might have already given a chunk to charity

Personally? Pay off debts, buy A house. Either outright or with a huge deposit. But I'm 35 and still in private rented with no hope of ever getting a mortgage unless what happened to you happened to me.

Great thread and a nice sum of money to help in a number of different ways. Although it isn’t so significant to need financial advisors IMO.

Pay down any mortgage and improve day to day quality of life (new car, home improvements etc), then splash on a holiday and something special for yourself!

For me:
Pay off mortgage
Invest in ISAs - to help kids with housing & uni costs
Some home improvements
Holidays (probably would spend more on this than I should)
Share with family

I would then use extra income generated from not needing to pay mortgage/home repairs/save for uni etc to up my pension contributions - but probably wouldn't do it first.

Missing the point of the thread but slightly shocked at the idea that 250K would buy you a whole house!

Buy a house, rent it out and enjoy the income and you still have an investment

id sit with it for a while.deff until the current climate has set its rules.lots of thing might change in the coming months.its such a big amount.
obviously if you or fam are in debts that for me would be a start.
sit with family and ask them what they think.speak to dh.make sure your on the same level.
be happy.sad news but congratualtions. I cant imagine the joy of having this to spend when the world is like it is right now.it would bring so much relief so take comfort in that for a while.there is no rush is there?

You need advice from an independent financial adviser

There is defo a rush, it's a fairly big cert that the pound is going to bottom out next month for probably quite some time. Any money you have in the UK right now is bound to be worth a great deal more today than it will be come BREXIT.