Inheritance....what should I do with it?

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Get your body covered in tattoos declaring how much you loved your Gran. Then buy a kilo of heroin and flip it - repeat until the army moves in on your estate which is when you should invite them to say hello to your little friend.
 
A family member has just died and all you see is the pound signs. I assume you were one of these people who never visited your old relatives, instead just waiting for them to peg it so you can spend their money.

I'd wait until the funeral and after the estate has been finalised before thinking of the money. Even then I wouldn't be blowing it on cameras and tech.
 
Amp34 said:
Well one example would be a grandparent that had been steadily getting worse and worse over a long period of time to the point where they finally passed away. It would remove most of the shock that comes from death (in fact it could even be relief) and would explain why he would know what he was getting so soon after.

Edit: just having read the second page that sounds entirely like what actually happened...
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That's just it :) It was long running and a relief but still not something you want to go through.

LeeUK said:
A family member has just died and all you see is the pound signs. I assume you were one of these people who never visited your old relatives, instead just waiting for them to peg it so you can spend their money.

I'd wait until the funeral and after the estate has been finalised before thinking of the money. Even then I wouldn't be blowing it on cameras and tech.
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Get Bent!!!!!!!

We visited her weekly until I got a new job. Since I was no longer working in the area, this changed to fortnightly.
 
twist3d0n3 said:
doesn't probate take weeks/months?

when my granddad died,it took about 6 months before any inheritance got distributed. so yeah, it's a bit soon :p
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No idea, The point I was making is that everything that could have been sorted out before death may have been done if it was a long debilitating illness where power of attorney was needed (as an example). I.e. he may not get nothing for a few months but he know what he's getting.

It's the faux disgust/remorse that always get me in threads like this (and death threads in general).
 
snips86x said:
That's just it :) It was long running and a relief but still not something you want to go through.
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In which case I hope her final months were as comfortable as possible and I'm sure she would want you to get something nice with the money she has left you. :)
 
Fuzz said:
Pay off every single debt you have first or the savings you make are pointless.

Safe house would be somewhere like http://www.firstsave.co.uk/

Frisky risky would be something like a Managed fund in emerging markets/ New tech stocks.
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I appreciate that generally that would be good advice. However for people who know what they are doing. For example it would be foolish to pay down on your home mortgage with an interest rate of say 2.99% as opposed to your buy to let mortgage with an interest rate of 5%. Just saying to consider the interest rates, thats all.

Debt is not bad, the wrong type is bad however when leveraging to buy assets it is good. Just need to ensure its all within means and the numbers stack up to ensure the appropriate cash flow is there.
 
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15k is that all then ?

Jesus have a nice holiday or 2 ~10k
New PC 2k
Aids test £250
New travel card 4k

all gone
 
Snips, forget about the money.


Go sit in a cardboard box in a graveyard, make sure it's raining. Starve yourself for a week and wail for a week solid.



OR!


Ignore all these idiots who have no idea about your personal circumstances or relationship with your gran and get on with it.
 
Threepwood said:
^^ but with no debt you have no interest to pay on anything.
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Interest is not always a bad thing. To use an example, (I don't like interest only mortgages, prefer repayment always but I'll use interest only for this example):
You could buy one house cash for £100k with 7% yield. After 3 years say the property value goes up 20%, it is now worth £120k and you have made £21k in rent. Total profit is 20k value increase plus 21k = £41k profit

However if you leverage that £100k and buy two properties putting down £50k on each. £50k interest only mortgages at 4% on each. Over 3 years that would be £12k in interest paid on £100k debt. So £42k rental income less £12k interest = £30k profit. However you benefit from the 20% increase in the price of two properties instead of one. This means you have gained £20k on each one so £40k capital gain
Add the rental income £30k and total profit is £70k

The same £100k invested has two outcomes: makes either £41k or £70k depending on whether you leverage with debt.

Unfortunately life is not so simple, solicitors fees, insurances, mortgages costs, refurbishment, services charges etc all would lower the gains but I'm just trying to illustrate that leveraging the same £100k with debt can be a sensible way to make gains.
 
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Diddums said:
Ignore all these idiots who have no idea about your personal circumstances or relationship with your gran and get on with it.
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There is nothing to 'get on with' though until the will has been sorted, hence the timing of the thread seems a bit weird to many people who aren't really 'idiots'.
 
Take around 10% of it and spend it on stuff you want. New 'puter, holiday, car, nice meal with the girl/boy/whatever. There's no point living your life without having a bit of fun.

Use the rest to pay down some debts and put together some decent savings.
 
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