If you were left a very large amount of money...

[lilyplant]

what would you do with it?

its over 20 grand

my youngest exclusively breatsfed and won't take a cup so child care isn't an option at the moment

really would like a business, something i could run from home, so don't need childcare

i have a horrible house, on main road, not big enough, small overgrown garden, house not good structurally and i don't think it could ever feel like home so i would like to live somwehere better. However, i have improved it a lot, it was filthy when i moved in and now is partly decorated with new carpets and it is concil housing which i know i am very lucky to have, so would be a shame to give it up and rent privately which would mean never having social housing again.

also the children have moved house loads already and eldest have just started school too so i don't want to unsettle them. I must admit I have always dreamed of moving abroad though

don't have debts

sorry if this sounds brutal but if you're not in a position to work or train, and you can't use childcare then I don't really think you're in a position to take on or start a business. starting a business is working - and it's much harder work - and far riskier. perhaps that could be a longer-term goal for when childcare is an option?

Depends on how much.

First thing is buy a new house if it was enough. Otherwise just pay a chunk off the mortgage and any debts.

not brutal, i need people to be honest, its just something i have always wanted to do, have a small business, have a website, selling things....

the other thing if i wasn't in secure housing would be nice house with decent garden

and i definitely want to put some away for children but as i said i don't know how this would affect tax etc

The first thing you need to check is whether you will still be entitled to the house/benefits with that much inheritance

lilyplant - you sound SO like us, we didn't want the money, the death of who has left it to us has left us shell shocked and the thought of inheriting the money isn't that nice TBH.

We will have 4 DC next year and a 3 bed house so an extension kind of is a must, plus it's something for the DC to improve their lives and ultimately for them to inherit.

Paying off debts left from a horrific house sell/move/fiasco will mean we can breathe easier and also as we are not borrowing more money and improving the house we will get a better LTV on the mortgage, between that and the no debts our lives will be easier and that's a big deal for us.

Somewhere along the line I will think about retraining or college but that's way off

depends on the amount but my lottery list is

fill my cupboards and fridge (they have never been full)
pay off debts and catch up with arrears
have driving lessons
new cars
buy house
extend
put some money in friends banks anonymously
have a family holiday

erm

Have recently been left a fairly large sum.

I have paid the whole lot to reduce my mortgage. However, I am paying the amount by which my monthly payments are now reduced into a trust fund for my children.

The money was left to be by my grandmother, she was not of a generation that would have wanted to see her money spent on holidays and cars. It was hard come by and she would have wanted it to be spent on something lasting.

Do you have any debts, and if so, how much do you owe?

How many children and how old?

First thought is don't use it to start a business - especially not in this economy.

The amount you state is significant, but when you start talking a house, etc it is not really very much.

I would probably pay off any existing debts, and/or set it aside as my 'emergency fund' to be used only when a true emergency arises. Keep it for use as your 'cushion' against financial catastrophe.

4 children under 5!

no debts

I disagree that you shouldn't start a business in this climate, not all businesses are struggling. Small local businesses offering good services are actually doing well.

However, your idea of "selling things" is pretty wishy washy and perhaps not an ideal staring point...

So, i would

1. check benefits situation, you can do that online, you need to find out how much you can have in savings etc before your benefits are affected, you need to do this for the children as well as if you gave each a lump sum in their name that could also affect benefits.

1. Get the garden sorted out, you said it is overgrown, you could spend a small amount on bringing in a local landscaper to redo it for you. It will look nice, you will feel a bit better about the house.

1. Do any odd jobs/replace items around the house that have been put off but would improve your lives. ie is the washing machine ok? Could your bathroom do with a lick of paint. Just fairly small things but things that have an impact.

1. I would do a business course or similar on the OU. You can then study around the kids and will end up with a qualification that can be used when all are at school.

AFAIK you are allowed to have £6000 in savings, if you have more than that the benefits agency will expect you to use the money to live off rather than claim full benefits.

Your windfall will almost ceratinly affect your claim to benfits so planning any investments may have to be altered accordingly.

I have.

We are currently doing our kitchen up, followed by bedroom, bathroom and the garden. This is our forever house to is worth the investment. There will be enough left to have a decent rainy day savings account and a gap year with DC's.

oh its difficult isn't it, so even if i spent it straight away, even though i wouldn't be doing that to deliberately bring the amount down for benefit purposes, then i would still lose benefit and not only that could be charged for fraud!

buy a house.

even if i buy things i cold really do with, like a cooker that wors properly,a bed as the springs have one in my own and i am awake all night with backache etc

buy a house with 20 grand?

had also been thinking of giving some to a charity that is very special to me but i guess BA will look down on that too