Inheritance decision

[QuotetheRaven]

Grandparents have died, I've come into about 160k.
Married, 3 kids under 7.
Mortgage cleared, pension contributions more or less maxed every year.
All the advice I read is about investing, saving, growing wealth. But you have to live also - what's the point in having cash if you don't enjoy special experiences... so I'm thinking - maybe we should spend say 10k/ year of this windfall on holidays or experiences we wouldn't have otherwise done?

What would you do with it?
If you had 10k a year with young kids - what special, memorable experience would you do? Keen for ideas as I think this makes sense in this surreal circumstance, but I think my gramps would approve....

Thanks.

If you’re looking for memorable experiences, do an over night stay at Chessington with 2 days at the park.

You can choose from the Gruffulo room, Room on the Broom or Caprisun- which has a slide from the top bunk bed! They have an indoor splash pool that my kids love and we paid extra to feed the giraffes 👌

In March, we’re going to the Maldives.

At some point, we’ld like to take them to the Art of Animation hotel at Disney World Florida; there’s a Little Mermaid room and a Cars room.

Write a bucket list of experiences you would like to have as a family.

I'd invest as others had said but for this year I'd have a mega Christmas holiday going to stay at the North Pole and see Santa. We had a brilliant time and still talk about it 20 years later.
Plenty of time to do other holidays.

What would you and your kids enjoy?

I wouldn’t spend it for the sake of it, U7’s are happy with experiences and holidays that don’t have to cost a lot.

I would invest a chunk for each of them as a start when they are older, and the rest for a couple of excellent holidays once they are older. West Coast America or a safari would be my choices!

I'd go to Disney World or somewhere special and save the rest. Memories and security. Sorted. Sorry for your loss OP but this all sounds very sensible to me

You may not want to but you could buy 3 X btl houses to rent out that you could eventually gift to your DC to start them off on the property ladder. if you put £40k x 3 you'd need to find 3 houses for about £160k each which you can do in some areas of the country. Set them up as a limited company and you can claim mortgage interest. Over time they will go up in value. I bought a house for £103k about 8 years ago now it's worth £180k. I know because that's what a house 3 doors away was just sold for and mines in a nicer decorative state. The house that sold needed a lot of work done including a new kitchen. You'd gain up to £4k on each house each year provided it was rented out and you'd get capital gain. You'd have to follow all government legislation but easily doable. You'd have £40k left to enjoy living whilst your DC grow up. That's what I'd do.

If they're under 7, they won't remember whatever holiday you take now. Save it for when they're 9-11 ish.

What things have you thought ‘I wish we could afford.. ‘ about?

I would either upgrade the house by renovating/extending or move to a better house/location with secondary school catchment in mind. Otherwise, put £40K for ISA allowances and £50K x 2 in premium bonds and £20K in high interest accounts.

We did Disneyworld for two weeks last year in a shared airbnb with my family about 40 mins from the parks, indirect flights and self catered apart from one princess meal and spent £16k for a family of four, for an approximate budget. I was thinking around £10k and it's not maybe pre-covid