An inheritance is always going to feel like a mixed blessing. On one hand, you’ve lost somebody close to you and are going to spend an indefinite time grieving their passing, while on the other, what they’ve left you is a great opportunity to improve your own life with their legacy. One thing it would be a shame to do is to waste your inheritance by making poor investment choices.
So, if you’ve come into an inheritance recently and are looking for smart ways to spend it, look no further.
Pay your debts
Particularly given recent global events, there are more of us in debt than ever before and paying off debts while also enjoying your life can be an almost impossible task in some situations. Using your inheritance to clear your debts and wipe the slate clean, so to speak, can be an ideal way to honour the memory of your loved ones.
If you are looking to pay off your debts now with an inheritance payment that’s taking time to clear, however, there is a way to ensure you can pay off your debts sooner rather than later. With the average waiting time for inheritance money in the UK at 12 months, you might consider a probate loan, which will allow you to clear your debts as soon as you can by awarding you an advance on your inheritance.
So many of us have been struggling with our mental health over the past few years and while paying off your debts is certainly one way to ensure you can breathe a little easier at night, taking some well-deserved time off with the family is another way. Consider investing part of your inheritance in a holiday to allow you to process your grief and repair your fractured mental health.
Anyone that’s ever bought a home will tell you that “the work is never truly done.” Home improvements don’t come cheap though, particularly if you are not the handiest person in the world and would rather get somebody in to do it. That’s why using inheritance money to finance home improvement projects is far from uncommon.
Whether you want to add an extension to the house (a conservatory, perhaps) or finally tear out that awful 80s bathroom, it’s always going to be money well-spent investing in the most valuable thing you own.
What better way to honour the memory of your loved one than by investing in the future of another loved one? Education costs have never been higher, especially University fees. Using a portion of the inheritance to cover education costs for your children is a wonderful way of ensuring something good and lasting can come out of your experience.