Inheriting a large sum of money is a mixed blessing in so many ways. Even though the money may well be welcome, the passing of a loved one can be a traumatic and emotionally painful experience.
However, the inheritance can be an important part of your grieving process. The way you handle that money is part of the legacy that your loved one left behind – so you want to make sure you treat it in a suitably fitting way.
We’ve put together a short guide to help you make the right decision as to how best to deal with a big inheritance. Hopefully the tips we’ve pulled together can help you to decide what you do with your windfall.
A word on inheritance tax
It used to be the case that only the richest estates were affected by inheritance tax but a recent report has revealed how this is changing. While there are some ways that this tax can be mitigated, it’s important to keep the basics in mind.
Here are the essentials of inheritance tax:
- The tax is due on any estate which is worth more than £325,000. Most estates don’t have to pay as they fall below this threshold but rising house prices has meant[...] Read More...