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It's another ""what should I do with inheritance?" one - circa £100k

4 replies

Orangesox · 11/03/2022 17:33

Long story short - my mum died in January completely unexpectedly, I'm sole beneficiary and executor of her estate, unsure precisely what I'm looking at inheritance wise as there are a lot of moving parts but have a vague idea based on the probate values I've obtained (house to sell with mortgage in place, car owned outright, a million workplace pensions which were never drawn due to being below retirement age).

Currently have no debts aside from a car loan and mortgage, husband is the primary saver (S&S ISA with Hargreaves Lansdown) and I max out a LISA every year alongside previous years of 10% overpayments on mortgage (currently 18 months into a 5 year fix at 1.56%, not looking to clear right now).

After I've done the financial things that I want to prioritise (clearing car loan, maxing out ISA's ASAP in the tax year, a frivolous holiday, that sort of thing) I've still got circa £100k to invest in some way. Initial thoughts were a bit stupid really and not wise with loomining inflation (drip feed into ISA's over following years), had thought about a couple of student flats locally below SDLT as appreciating assets, but slightly concerned about whether this is viable. Not too risk averse really as we are comfortable, have a good 6 months emergency/oh shit fund, will continue to make our usual savings etc and will have somewhere in the region of another 10k or so each year to absorb inflation costs

Open to all suggestions really - what would you do if you had 100k to invest?

OP posts:
Frenchfancy · 11/03/2022 17:35

How is your pension?

Orangesox · 11/03/2022 17:48

@Frenchfancy

How is your pension?
Knew I'd forgotten a detail!

Pension is "okay" at the moment, have recently increased my contributions so that I'm at 17% contribution rate at 33 years old into a workplace pension which seems pretty good in terms of historical performance and management based on the projections I've already had, only have about 11k in there at the moment though due to having not been in the business too long. Also have another private pension which is about 8K and from this year I was hoping to funnel more money into it with the extra money liberated from my car loan being paid off, and an NHS pension which remains a mystery in terms of value/projection due to being in multiple schemes and them insisting that I didn't exist for a while - quite boring, don't expect it'll be worth a lot.

Due to pay increases for both of us in our substantive roles, we will no longer be drawing substantial amounts of money from our side business aside from minimal dividends and a small income, and are considering a workplace pension scheme from the business - neither of us are in the position of tapering or exceeding lifetime or annual limits pension contributions wise.

OP posts:
Orangesox · 13/03/2022 16:59

Anyone? Blush

OP posts:
gingerknobs · 13/03/2022 17:46

Pensions - max out the next few years ie 21-22 & 22-23

S&SISA - as above

Finally buy yourself something lovely to remind yourself of your Mum.

Send something to a charity of your / her choice.

Sorry for your loss. Always harder when it’s so unexpected.

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