Receiving a sum of money from a loved one can be a bitter sweet pill. On one hand, you could have received something that could make a big difference in your life. On the other hand, you may be going through great sadness having lost a loved one.
We totally understand the range of emotions you might be going through and we’ve helped many clients in this situation. You’ll probably need a caring and steady approach because this may be the first time you’ve had the responsibility of investing money.
There are all sorts of things to consider when it comes to inherited money and inheritance tax and we’ll guide you carefully so that you maintain a sense of control and feel you can make decisions with clarity and confidence.
You probably feel a sense of responsibility with this money so you’ll want to make decisions that are right for you and that might need to take in to account the wishes of the person who left it to you.
Part of what we do is inheritance planning. You may have questions about things like inheritance tax, income tax, life insurance or other issues. These are all part and parcel of things.
Investing with Empathy
Put simply, it can change a person’s life from a financial point of view. That said, the circumstances behind receiving this money could well be extremely sad. We understand that your inherited money needs to be sensitively dealt with.
Because we’ve helped a lot of people in your position, we think we understand the issues you’re likely to be going through and that means we can use an approach that helps you make the right decisions for you and your family.
Sense of Responsibility
Inheriting money can come with a great sense of responsibility. Many clients tell us that they feel a strong sense of ‘doing the right thing’ with the money. What should you do to feel satisfied you’ve done the responsible thing with the money?
Very often, clients tell us they don’t feel the money they’ve inherited is theirs, they’re simply guardians of it. That’s a lovely way of thinking but it brings with it a potential burden that needs to be acknowledged.
Understanding the Impact
If the amount you’ve received is significant, it could be that it brings with it some problems which could involve the need to pay tax or other complex issues. Sensible planning is, therefore, important.
We don’t live our lives expecting windfalls so, when they happen, it can be wonderful but it can also be intimidating. You need to know you’re doing the ‘right’ thing with this new money.
Helping Others
It might be that what you inherit puts you in the wonderful position where you can help others, perhaps your children or charities. We’ll help you identify ways of doing this so you feel reassured about your decisions.
Taking time to consider how much of this money you might need and how much you might be able to pass on to others is an important and valuable part of the work we do in this area.
Understanding your Situation
Helping people who’ve inherited money is a big part of what we do. We think we understand the issues and, perhaps, how you’re feeling about the money you’ve inherited. You need to get the investing right but it needs to be done with a high degree of sensitivity.
It’s also important not to make the process complex by introducing complicated investing terms and jargon. We’ll keep things simple and easy to understand for you, particularly since this could form part of your estate.