Financial advice

[Busybean]

Ok, the position Im in is that sadly my father passed away at the beginning of january and sometime within the next yr or so, I am set to receive somewhere in the region of £15,000-£30,000 and have no idea what to do with the money. I am really scared that itll get eaten up by paying of a few small debts, getting some essentials for the household and by buying a car. I am really confused on how to handle the sum and want to respect the fact its alot/life changing amount for me and that my father worked bloody hard for me to be in the position I will be in.

What should I do, is it worth going to see a financial adviser? whats the best way to put some away for ds's?- I want to put a few thousand away for them for when theyre 16/18 for car/education- whats the best high interest way of occuring interest on it?

Thanks

Hi busybean - sorry n all - my dad died 10 years ago but I can still remember what it was like.

I'd suggest putting it into a six month bond with a building society and forget about it till you've had time to deal with your father's death.

That way when it matures, you can look into it then, it won't get touched, and will earn a little interest in the meantime.

Six months isn't going to make a great deal of difference to a long term investment and it means you can give yourself some breathing space.

Hope this helps.

Hi Busybean, sorry to hear about your dad.

I'd see a financial advisor, an independant one. They don't always charge as they get commission if and wwhn you sign up for an investment so shouldn't cost anything. Would put your mind at rest and also if you do take anything out with them they'll do the paper work for you so that's good too.

HTH

Busybean, sorry to hear about your dad. My FIL died a while ago and we are set to inherit some money very soon.

I understand it is a complicated business if you have never had this sort of issue before - but some good will hopefully come out of this sad happening.

I would recommend looking at the moneysavingexpert web-site, building up your own knowledge and then going to see an indepdent financial adviser, although maybe not worth it until you know how much you are going to get. We went to see one last week and were advised to write down our current financial situation in detail so that he could work out what was the best way to treat the money. Usually it is best to pay off debts first, as you will pay more in interest on a debt than you will receive in interest on any savings - unless you are prepared to take a risk and invest in funds/shares etc. Although it is hard to see your cash going out to pay off the debts you obviously don't have the monthly payments to worry about and will benefit from the interest saved. You also need to give the money to your children in a certain way, (a trust), for tax purposes. You need advice on how best to do this.

Like Eddas said we didn't have to pay a penny to see our IFA, they usually get their money from commission of whatever they sell you - but do check first.

I'm sure when you have sorted this all out you will appreciate what a lovely problem your dad has left you with and that you will appreciate it so much - just like we do.