I will be inheriting around this much later this year from a relative. I will probably put some of it into a stocks & shares ISA, some into cash ISA, and some into a savings account.
I already have a s & s ISA, which is managed by an IFA. My question is should I add to that one each year or should I manage a new one myself? I am paying the IFA 0.5% p.a. for this, plus 1% to manage a pension that I am not paying into any more because I have a pension with my current employer. This means that I am paying the IFA very nearly £1000 per year! I am not sure I want to carry on paying at that rate but have very little time to manage my own affairs as I work nearly full-time. Also I am by no means thick but find financial stuff mind-boggling! Both the ISA and pension are doing well - 53% growth in ISA over the last 4 years and 18% growth for the pension in the same time (I have chosen a lower risk level for this). I would look after a cash ISA myself.
Regarding the inheritance, we have made the crazy and scary decision to send DD, 11, to a private school, based mainly on this money coming. We will need 40K for the 5 years at that school, plus money for university, the house could certainly do with having 50K spent on it. I will be sharing these costs with DP, who doesn't work, but has about 58K in savings. He is 58 and has been made redundant and I'm not sure he will work again. He spends a lot of time looking after his mum. We have no mortgage or debts though. And he will inherit his mum's house, sooner rather than later as she has a life limiting illness. In fact, she transferred ownership of the house to him about 10 years ago. DD is our only. Just trying to give you a full picture. I am nearly 52 so starting to feel retirement looming and think it is not a good time to take too many financial risks.
Any advice on how to manage this money would be appreciated!
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What to do with inheritance of around £115,000?
3 replies
Snowbell · 17/05/2013 14:49
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