Receiving an inheritance?
If you are expecting to inherit a sum of money it can mean a significant financial change for you and your family.
On the face of it, an inheritance could be enormously positive, meaning you can repay debt, feel more secure, or make some improvements. It might even give you the opportunity to do things you never thought possible.
But there are complications too.
You may feel a sense of responsibility, asking yourself: “What would they have wanted me to do with it?” or: “What is the right thing to do?”.
You may also find that you have barely come to terms with the bereavement before finding the money in your bank account, and the pressure mounts to do something.
You might not even need the money and therefore be faced with other issues; what to do with it? How does it affect your own Inheritance Tax position when you pass away?
If you have recently received an inheritance, or will do shortly, we can help you:
- Understand your options; how much should you spend, invest or use to repay debt?
- Overcome your nervousness and take decisions which are right for you, without trying to second guess what the person who left you the money would have wanted
- Invest the money, if that’s the right thing to do, so the legacy is managed carefully, doing good for you and your family
- Understand what you want out of life, so the money can be put towards achieving your ambitions and aspirations
- Put your affairs in order. Ensuring that when you die as much of your wealth is passed on to your loved ones and good causes and as little as possible paid in tax
Receiving an inheritance is often the trigger for seeking financial advice.
The key to good planning is to know what you want from life, and what you can afford. That’s where we come in. By understanding your vision for the future, which may have changed because of the inheritance, and forecasting your wealth over your lifetime, we can show you what you can (and can’t) do financially.
We also optimise your wealth with careful planning, minimising taxes and making the most out of every penny.
We will work with the solicitors managing the estate too. Ensuring that monies are paid in a timely way and, if possible, considering ways to reduce any tax due.
If you are expecting to receive an inheritance, read our key advice for big events and get in touch with one of our expert financial planners.
What our clients say
My wife and I first met with Balance: Wealth Planning shortly after my father’s death, when I had started to believe with a little more confidence than previously that early retirement might conceivably be within reach. Tina spent significant time with us going through a really thorough (and actually enjoyable!) process assessing our life position and preferences, vision for the future and of course financial landscape. She was incredibly patient with us as well.
The detail and thoroughness of the analysis has really impressed us, as well as the clarity with which the findings are expressed. That has given us the confidence to move forward with a plan we may well never have had the courage to do otherwise! And as we proceed, their ongoing help, advice and support has been brilliant. In short, I’d recommend Tina and the whole support team at Balance Wealth without hesitation.