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Original poster

Inheritance Money

87 replies

LincsLady22 · 22/12/2023 11:11

If your spouse received a large chunk of inheritance, would you consider it theirs to spend on themselves as they wish? Or for you to decide how to spend together for the family?

OP posts:
Riverlee · 22/12/2023 15:19

A mixture. In our situation, the person who inherited treated themselves to a few nice things, new computer, etc, but then it was also used as family money. New family car etc.

CatherinedeBourgh · 22/12/2023 15:21

Everything is joint for us.

Derb · 22/12/2023 15:25

CalmaLlamaDown · 22/12/2023 11:14

My DH would pay it all into our joint account and it would be ‘family’ money.

Same for me, if I inherited anything.

Same here

HamBone · 22/12/2023 15:25

We’ve always maintained both individual and joint accounts. If one of us received an inheritance, I’d expect it to be paid into the individual account and the recipient would discuss what to do with it as a couple.

The recipient would have the final say, tbh, but if it happened to me, I’d definitely want to treat DH and the DC and do things that would benefit all of us.

NewFriendlyLadybird · 22/12/2023 15:59

I will inherit some. We will both benefit from it but it’s mine.

Fifthtimelucky · 22/12/2023 16:09

My husband and have both inherited.

Mine was first, and smaller, because I have 3 siblings. It all went into the family pot and paid off the mortgage amongst other things.

My husband's also went into the family pot but we didn't need it so we decided to pass on much of it to the children, who are all adults (our two and his from his first marriage).

VeryQuaintIrene · 22/12/2023 16:11

I inherited a flat and some money from my mum. About a third of the money went to refurbishing the flat. For simplicity, because the flat is in the UK and I have a bank account there, though we both work in the US right now, flat and money are all in my name, but I regard it all as hers if she needed it, and pay all the expenses for the flat myself, not from our joint (US) bank account so I guess she equally benefits from it. She'd consider it all mine, though I don't.

TattiePants · 22/12/2023 17:14

We have shared finances so I’m 99.9% sure we would both consider any inheritance to be joint. As an only child I’ll potentially inherit much more than DH but unless he had outlandish plans (he wouldn’t) to spend it, any decisions would be joint.

Bahhambug · 22/12/2023 17:15

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therew · 22/12/2023 17:23

In our family everything is considered part of the family pot so it wouldn't be ring-fenced. We'd probably be boring and put it towards paying off the mortgage.

Viewfrommyhouse · 22/12/2023 17:27

I'd tell DH he could do what he wants with it, but he'd just ask me what I think we should do with it anyway. He'd probably get himself something he wanted, and then put the rest in the joint account for me to deal with.

mrsbyers · 22/12/2023 17:29

Inheritance is ring fenced in the event of divorce so it’s the individuals to decide , I invested mine towards early retirement but we have separate finances anyway

Brumbies · 22/12/2023 17:30

We've both Inherited and we both added it to our joint account

It's what you do when you're married

Aydel · 22/12/2023 17:31

Mine is currently sitting in my bank account. I will probably do a deed of variation so that the kids can inherit the house, and not sure what I will do with the rest. Don’t really approve of second homes. Some is going on renovating our flat.

gotomomo · 22/12/2023 17:34

We have this currently, it's shared but I still want him to spend some money on something special, perhaps the watch he covets!

Nottodaty · 22/12/2023 17:35

Our money is shared. So it would go into the joint pot.

Depending on how much we would also put aside some in each of our names to spend how we each wished.

Cobot · 22/12/2023 17:42

Joint decisions and financial planning

Whatkindofworld · 22/12/2023 17:56

It's just happened. My DH paid off the DC school fees and topped up his pension. He definitely see's it all as his.

Alarae · 22/12/2023 17:59

My DH inherited recently. He effectively paid a chunk of our mortgage (albeit to my FIL, as we borrowed deposit from him), got new windows and still has a chunk left.

I've viewed it as his to do with what he wants, although he is happy to put this into the house as he's a homebody anyway. If we were to ever split, I would view the chunk he paid back his dad as 'his'. Windows would depend on when we split as I pay more on a monthly basis due to higher income, so I guess would work out in the end.

catwithflowers · 22/12/2023 19:17

We are a blended family with adult children from previous marriages. Our finances are separate and any inheritance my husband received would go straight to his children. Which is fair I think

Dacadactyl · 22/12/2023 19:20

If either of us inherited money it would be family money.

And if my DH thought otherwise he'd have a shock coming cos I wouldn't stand for it.

GoodlifeGlow · 22/12/2023 19:43

It depends on how much you are talking about? My husbands parents are multi millionaires , mine are not. My inheritance will be insignificant to my husbands so I will probably invest it for my/our child’s benefits. Husband will probably do the same but because there will be more I expect to have more discussions regarding how it will be utilised as it will have a bigger impact on our life.

tokesqueen · 22/12/2023 20:41

Spend as they wish. My inheritance went straight into my savings to fund an early retirement. When (and if) DH gets his (which could be substantially more), he can do what he wants with it.
We have separate finances anyway as he is a spender and I more of a saver. He also out earns me x 5.

DrySherry · 23/12/2023 07:46

It completely depends how you organise the finances in your relationship. If everything goes in to one pot and you make joint decisions on all financials then I would say it is equally joint income. I know this is getting old fashioned but its how we do things and it works well. If you are separately managing your own money in any way then surely it stays with the benefactor.

CurlsnSunshinetime4tea · 23/12/2023 08:08

We’ve inherited a few times now; grandparents and parents.
Each time the recipient has divided it up, some fun, some bills some savings.
Always with discussion and overall family stability in mind.