Exciting inheritance! How to hold it?

[Lionessadmirer]

My lovely uncle has left me and my two brothers £450k each after inheritance tax (we have just sent off IHT400).

For my brothers this is life changing. And it means I won’t have to support them financially.

My husband and I have a specific long term financial ambition to do with our house. But until the time comes to action that, we don’t need the money. We are both busy working full time.

my uncle self-invested nearly all his money via hsbc and ii. Given what I say above, is the sensible thing to do the same?

lastly, how should isas be used here please?

thank you and please raise a glass to our uncle who lived well and died content.

No it isn’t. OP clearly appreciates what her uncle chose to do with his money, and I’m sure it gave him pleasure to think about the reactions of OP and her brothers when they eventually found out. It is exciting and OP would be a hypocrite to pretend otherwise. That doesn’t mean she wanted her uncle to die.

I dont think so. For all you know the uncle was delighted to leave OP and her brothers pots of money. She says he lived and died well, what more do you want??

So you are envious of the OP's good fortune and are dressing it up as caring about inequality of inheritance as you are one of the people, you say, who won't inherit. Because YOU won't inherit you think it's unfair the OP has.
Would you feel the same way if you did stand to inherit, do you think? I guess you would say yes you would, but as that will probably never be tested, words are easy to say.

Of course it's exciting! Very sad that her uncle has died but how lovely that he's going to make such a difference to the OP and her brothers. I bet he was smiling as he was making his will. I was when I was leaving bequests to my grandchildren in mine

I wasn't aware of that. All my investments are within wrappers.

Ffs. Op clearly states that her uncle had a good life - we all bloody die. It reads to me that op had no expectation of an inheritance from her uncle, hence it was exciting to receive an unexpected large amount of money.

what is distasteful is the amount of people on mn who are determined to find fault with everything; the bitterness that others are in a financially better position and the race to piss on the parade of anyone who dares to post about having anything more than the bare minimum.

people have different incomes and inheritance situations. Get over it.

Op - how lovely of your uncle, and heartwarming to see that your brothers lives will be changed for the better by your uncle’s generosity.

@Imdunfer Lots of the larger companies use a variety of investment vehicles for clients to spread risk. We don’t choose the exact products - they do. What we want is growth and are prepared to take some risk, even aged 72 and 70! We’ve had neatly 30 years of growth and our DDs will ultimately benefit.

With this money, there’s a big incentive to get your home sorted out, get a car sorted and have a holiday, then get advice on the rest. I’d never follow advice here on products. Nor look at a video! Most people posting probably don’t have high levels of investment or share ISAs. If you have well over £1m, it’s different and the op could reach this.

Yes, someone has to die for you to inherit.

It’s in very poor taste.

I wasn't replying to the OP. I was replying to the person asking whether the OP's interference 'should be allowed'.

BP certainly wasn't a no brainer. I took a punt and invested during the Deep Water Horizon disaster when the share price completely tanked.

Things are actually simpler now with more online platforms and low cost ETFs.

I’d love to leave my family an exciting inheritance! What a generous and thoughtful uncle.

Not so much Mumsnet as GreenEyedMonsterNet today.

Very happy for you, OP.

Stick 50 grand in premium bonds, you might win the million, that will piss the haters off 🥰🤣😂😂

DIY finance is a perfectly normal thing to recommend and there is a great community of YouTubers who provide a free financial educational service to the masses - they are incredibly knowledgeable and very useful.
Of course there are people who would not wish to manage their own finances due to having complex arrangements or aren’t capable/interested/confident - that’s something none of us can answer for the Op, but for a lot of people DIY is a great approach because it’s a lot cheaper than using a financial advisor and the annual fees people pay can be eye watering.
if op has complicated finances maybe it’s one off conversation with a tax advisor or a financial planner - either way she’s a grown up - I’m sure she capable of deciding on her own approach.

Doh! So you would not be excited to receive a (possibly) unexpected inheritance of £450k then? Would you refuse it because it was distasteful? If you justified accepting it (which you without doubt would), would you not wonder what to do with it? Is even thinking about it disrespectful of the person who died?
Easy words with no thought whatsoever behind them.

Did your uncle not think that some of his vast wealth might have been used to help his nephew - your brother - when he needed it? You say he’s been in financial straits for the past 3 years and you’ve had to help him out. If I thought my nieces were in a financial mess and I could help them out financially then I most certainly would - in fact I have done that very thing.
I find it very sad that some people wait until they’re dead before their family can share their wealth.
All that said, put the money in a savings account and speak to a financial advisor. ISAs won’t make much difference because you can only invest £20k a year.

The cost of not paying for professional advice can also be eye watering.

OK, so I've read through the rest of the post now and sort of see the OP's meaning.

It was just that the introduction/title sounded rather gleeful, although to be fair OP does mention her uncle's generosity.

I see no jealousy in comments on here. For all people know others might have been left far more than that amount, but would have worded it differently.

OP - you need a really experienced IFA to talk you through the options particularly to compare wealth management companies like Hargreaves Lansdown, Brewin Dolphin etc and look at your current equity and pension set up.

These professional investment companies provide portfolios with a combination of investments, savings, ISAs etc. You can choose your level of yield and risk depending on how much you want to take out annually, how much you want to grow the fund. They will also have tax planning specialists including IHT.

I think it’s the combination of the word exciting and the exclamation mark. It could definitely have been worded more tastefully, however good and long a life the uncle led.

Fine for 50k if you want to dick about, but not for nearly half a million.

Look at the rebel finance school on Facebook for how to invest to make your money work.

@Strikethepower how does that get paid do you have to self declare

Well I manage just fine. Thanks for your concern. But if she don't feel able for whatever reason that's on you.

@Soontobe60 It’s not eye watering if you make money! It’s a fee for the expertise they have and you don’t. A bit like paying for a car service. It’s important when it’s a large sum. £50,000 it won’t matter but at £450,000 it’s entirely different because it’s life changing if invested properly. With an umbrella company looking after your investments you get tax planning, cash flow, investment and other financial advice when you need it. The internet cannot do this.