I have inherited £7.4 million and I am panicking on what to do

[sawyerbrownlive]

@natasreficul Only sensible advice

 

[anonymoose123]

@jtinc07 Sorry about your loss.

Do not do anything yet.

Take on one issue at a time.

Deal with the death and the related emotions first. Once you have recovered,digest what has happened and do not fell impelled to do something lest you do something in haste.

Also try and avoid sharing this news with too many people.

Once settled seek financial advice and then keep some money to do what you want to treat yourself or whatever you wished or wanted to do with some of that money when you did not have that much money!

 

[christian2011]

@jtinc07 Myadvice...

Don't panic. - DO NOT TELL ANYONE!.. just ghost everyone and take a very long holiday, enjoy some of the money, retire.

Give yourself time to think things through on a sandy beach somewhere with a cocktail in hand.

then come back and execute your plans. - get a financial advisor, sort that side out.. put the money safe in an off-shore account or something and take a few hundred grand out for yourself, THEN tell only a select few people.

Go on another holiday, go vagas.. buy something REALLY nice.

Live off the interest.

 

[coleton_7]

@christian2011 Live off the interest doesn’t even make sense

 

[msolga]

@coleton_7 Why not?

 

[bunny1kenobi]

@jtinc07

1. take a nice holiday somewhere
2. tell nobody
3. hire a financial advisor
4. live it off it forever within your means

 

[tanjaw]

@jtinc07 Don’t tell friends or family how much you were given. If you want to help out some friends, that’s fine, just don’t give them any hint of what you actually had. Friend of a work colleague won the euro millions, gave £1m and paid off mortgages to several family members who then started complaining that they “only” got £1m each and that people had different value mortgages so it wasn’t fair….people are assholes when it comes to money

 

[mksell74]

@jtinc07 There's always the option of buying the last tin of anchovies

 

[evgeniy]

@jtinc07 I can’t offer any advice, but congratulations!

Though do beware of hangers-on, that amount of money can come between people. Just some advice from your new best friend.

 

[juliagm]

@jtinc07 Get professional help but the most important thing is to sit back and decide what you want and then make a list once you’ve had time to think and run it by a professional.

Then you can decide about retirement, moving, anything else.

I do recommend not telling anyone - even close family and friends - it will definitely be a point of contention.

 

[rissasallwrite]

@jtinc07 Live off the interest…

 

[reslute]

@jtinc07 Write your own will!

 

[chrisforjesus]

@jtinc07 I have absolutely no personal connection but there is a podcast called Meaningful Money and they recently did 15+ episodes all about this Reddit sub.

The guy who runs it is called Pete Mathews and he is part of a business called Jackson's who are financial planners.

Again I have no connection. I just listen to his podcast over 10+ years and his industry is regulated.

This is them and I am sure if you contacted them they would give you some advice and you can make up your own mind if they are for you.

Really you need to find a financial advisor and that's a regulated business so make sure you ask a few and pick people who are independent advisors and regulated..

Don't listen to cousin Sam or George down the pub. And anyone you are referd to if they are regulated and make sure they are.

Good luck and hope it works out .

Pete's company are
https://www.jacksons.life/team

 

[resjudicata]

@jtinc07 Congratulations but also sorry for your loss.

Get an accountant don’t flaunt it to friends etc.

 

[loveisanaction3]

@jtinc07 Stash it across multiple high interest savings accounts immediately, put the majority in premium bonds/other NSI products for unlimited protection.

Hire an inheritance tax specialist to determine whether there are any additional tax liabilities that could crop up, and the best way to maximise the cash you keep.

If all clear, hire a reputable financial advisor to determine the best places to put your cash.

Find a nice michelin star restaurant to take your loved ones to after all of that.

 

[mj1982]

@loveisanaction3 Hello it's me, your loved ones

 

[lukefromthebible]

@jtinc07 Sorry for your loss.

I agree with all the other posts here. Keep quiet for now and don’t make any major decisions until it’s settled in a bit more.

Get a financial advisor who’s not going to bleed you dry and who can help guide you through this - an actual wealth manager not just someone who will stick it in an index fund for you and scrape a ridiculous percentage.

They can help you navigate stuff like saving for the future and making your money last; but they can also help you navigate through how to sustainably help friends and family - for example by setting up a managed trust rather than just giving them money until you run out.

 

[naivegirl]

@jtinc07 Sorry for your loss, you are now in a greater position (hopefully) to improve your lifestyle and health if needed.

Ignore private messages from people on here, 99.9% won’t be in your best interest and will be trying to get money from you.

Be extremely careful on who you tell, whether this be friends, family, random people down the shops.

One thing I learnt very early on in my life is that money changes people, especially family and especially around wills.

Look at some issues if any you’re having at the moment and how could you solve them with this money, once you are comfortable, speak to a recommended financial advisor if possible, this will help with your current situation and your future.

The amount you’ve inherited could well keep you comfortable for the rest of your life, you can carry on living your life as normal and have 0 financial problem, or as stated earlier and by other considerably improve your situation.

Be happy and enjoy life!

 

[dyloss02]

@jtinc07 Would highly recommend getting professional financial advice, however be mindful of what their fees are (usually a percentage of the sum being dealt with) as well as how they allocate money. Not uncommon that they do all sorts of “far too complicated for you” investing so that you feel suckered into going back to them time and time again “because they know”.

If in doubt, personally I would say max your S&S ISA each fiscal year, and stick all the rest in a high interest saver (or split across a few) until you have a clearer mind to work with.

 

[clarrisa]

@dyloss02 Go with a fixed fee advisor