Best way to invest £160k

[BostonIvy]

I am a single mother with 3 DC. I am a SAHM, DH left us last year and I have since been claiming housing benefit.

I am due to inherit £160k shortly and would like to invest it in property. DH and I renovated a house before we separated and I would like to do it again.

Would this be the best way to invest it?

Thanks

I think you need to give a bit more info on what you are investing 'for' - i.e. do you need to make some regular income from an investment from the beginning - in which case a buy-to-let property or something like that which would produce rental income might be a good idea - or are you thinking more in terms of long-term security? And if the latter, how long-term - funds towards university/young-adult expenses for your children (say in c. 10 years time, depending on the age of your family) or e.g. pension provision for you? If you are not working, haven't already built up a good pension provision, don't have a claim on your husband's pension and/or don't expect to return to work soon, I would personally be worrying about that first. Although you don't necessarily have to buy a pension - you could choose to build up savings for retirement in other ways.

I think you need to get some professional advice. Your inheritance will affect you housing benefit and other benefits and you need to factor that into any plans to avoid any awkward legal situations later.

You could use it to by a property depending on you don't live in London or south east. I think it would be a sensible option for you however you need to think about home insurance, buildings insurance and mataining the property. Which can all add up to a huge sum be careful in whatever you do.

1. Check if you and husband have a court order or a court sealed consent order for the finances of the divorce and a clean break. If not your husband may be entitled to half. Ideally see a solicitor as divorce finances are settled when those orders are made not at the date of parting unlike in Scotland.

1. There may be wisdom in ensuring the inheritance goes to your children - a benefits specialist solicitor will know better how the rules work. It is very very common and lawful to vary a will even after a death if all the heirs agree. They did it when Princess Diana died and indeed when my mother died. So even if the person is dead already you may be able to get the will changed now to ensure the money goes to your children in trust to protect it from any future partners of yours, their father's claims and the benefits people although someone will need to check the benefits rules to see how all that works out.