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Original poster

£4 million. Help please.

105 replies

BikerintheDales · 30/12/2024 18:35

Lucky me! I'm due to inherite £3.8 million.
Do l first see.
A) A solicitor.
B) Bank manager.
C) Money advisor.

Or someone else all together?
I'm widowed and just became an OAP.
Kids grown up.. own houses.
Thankyou.

OP posts:
Strikeoutnow · 30/12/2024 18:39

A financial advisor, presumably the person you are inheriting it from has one

BraveFacesEveryone · 30/12/2024 18:40

Wealth manager. Like a financial advisor but for people who are high worth.

CollyModdle · 30/12/2024 18:41

Tax accountant.

Then financial advisor

Goody2ShoesAndTheFilthyBeast · 30/12/2024 18:41

Agree with pp. You need an independent financial advisor.

BrusselSproutsRock · 30/12/2024 18:43

Be very careful who you trust though OP. There are a lot of IFA who are not particularly skilled in wealth management and also a fair few who are also not to be trusted rather than just inept.

CMOTDibbler · 30/12/2024 18:45

You need a wealth advisor as they are the ones skilled in this sort of thing, and in estate planning to make sure you pass as much as possible on

BurglarAndSwag · 30/12/2024 18:51

Me thinks I can help you.
You don't need none of those silly solicitors or lazy lawyers.
What ever you do DON'T TELL YER FAMILY.
Oh , by the way, are you married?

Harassedevictee · 30/12/2024 18:58

I would suggest looking for a STEP Accountant and Solicitor. You may find a firm that has both.
https://www.step.org/directory/members

WRT a bank, consider if your own bank offers a Private Bank facility. They are likely to have wealth management advisers.

slightlydistrac · 30/12/2024 19:01

I'd suggest you see a solicitor and ask about updating your will. They may well suggest that you put some of the money in trust for beneficiaries. You would also need to see a tax adviser. Either an IFA or at a firm of accountants.

Kisskiss · 30/12/2024 19:03

You could get an account with coutts. For a flat fee you you then get access to a tax guy and wealth advisor..

hamsandyams · 30/12/2024 19:04

Kisskiss · 30/12/2024 19:03

You could get an account with coutts. For a flat fee you you then get access to a tax guy and wealth advisor..

Coutts don’t have in house tax advisers.

Feb135 · 30/12/2024 19:06

I work in investing. Please don't use St James Place, their fees are highly uncompetitive and they only offer their own (fairly underwhelming) funds.

Quite a few of the mainstream platforms offer wealth management at a competitive price (HL, Fidelity etc).

Original poster
BikerintheDales · 30/12/2024 19:07

Harassedevictee · 30/12/2024 18:58

I would suggest looking for a STEP Accountant and Solicitor. You may find a firm that has both.
https://www.step.org/directory/members

WRT a bank, consider if your own bank offers a Private Bank facility. They are likely to have wealth management advisers.

Thankyou.
Very helpful

OP posts:
NiftyFiftyPlus · 30/12/2024 19:22

Do you need all this inheritance? Might be worth investigating a deed of variation on the will and passing some of this money to children/grandchildren now. Could help save inheritance tax further down the line.

WowIlikereallyhateyou · 30/12/2024 19:25

Kisskiss · 30/12/2024 19:03

You could get an account with coutts. For a flat fee you you then get access to a tax guy and wealth advisor..

Coutts 😂 not exactly the best out there, avoid St james’ place too.

EnjoythemoneyJane · 30/12/2024 19:29

Be careful - don’t go near firms like St James Place for financial advice. Better to go to through your bank as others have suggested.

nannynick · 30/12/2024 19:29

I would spend some time seeing various financial planners. Some may call themselves financial advisers, wealth managers. Decide what you want from them. You may need a lot of estate planning and tax advice.

This podcast episode about the financial advice process may help you ask questions of planners/advisers you meet: meaningfulmoney.tv/2024/11/20/helpful-basics-the-financial-advice-process/

Feb135 · 30/12/2024 19:35

Be careful - don’t go near firms like St James Place for financial advice. Better to go to through your bank as others have suggested.

Also worth picking a whole of market adviser that can offer a range of third party funds. Some of the wealth managers from banks and asset managers can only recommend their in-house funds.

I’d also look at using tax-free wrappers such as ISAs. It may only be £20k per year but it’s a start.

22mumsynet · 30/12/2024 19:42

Has the estate been administered? Is the 3.8m the net amount after IHT and expenses?
a deed of variation is worth considering to save IHT in your estate. You could use a trust and still benefit. must be completed within 2 years of death. Also will and trust planning (STEP qualified solicitor).

MyNewLife2025 · 30/12/2024 19:45

Wealth advisor first. With a tax advisor (thinking ahead re when you’ll leave that money to your own dcs)
Consider a deed of variation.

Of your dcs are settled enough, then you’ll have plenty of spare money to support them as you go along.
And money to live very comfortably in retirement from interests on investments

Biggest downfall imo is to try and move in a bigger house, posher area etc…. And spending it all too quickly

hamsandyams · 30/12/2024 19:47

The likes if Brewin Dolphin, Cazenove, Arbuthnot Latham or Brown Shipley would like be good advisers at that price point - some also offer banking.

Growlybear83 · 30/12/2024 19:47

I would say see a travel agent first, followed by an estate agent 😆😆

WinterCrow · 30/12/2024 19:50

What country do you live in? Is it the same country as the testator/testatrix*?

*One of my favourite words

Cakeandcardio · 30/12/2024 19:54

BrusselSproutsRock · 30/12/2024 18:43

Be very careful who you trust though OP. There are a lot of IFA who are not particularly skilled in wealth management and also a fair few who are also not to be trusted rather than just inept.

I very much second this. Be very careful!