Maximising an inheritance

August 17, 2023

Contemplating an inheritance: Your Path Forward with Matrix Estate Planning

The passing of a loved one brings forth a mix of emotions. It’s a moment that blends the sorrow of loss with the acknowledgment of a financial legacy that demands attention. If you’ve been named a beneficiary in a will, you might consider using the inheritance to honor the departed’s memory. This could involve embarking on a meaningful journey you had envisioned together or acquiring a timeless keepsake like art, an antique, jewelry, a vintage car, or even fine wine. Not only do these possessions help preserve cherished memories, but they also have the potential to appreciate in value over time.

If you’re contemplating investing your inheritance for potential growth (after confirming your readiness for investment), there are various avenues to explore based on the inheritance amount. Let’s delve into these options:

Maximising a £20,000 Inheritance

Smart investment often revolves around capitalizing on tax-free allowances. This year’s ISA allowance is set at £20,000, giving you ample room for careful allocation. Maximizing these allowances can help minimize your tax liability. With a £20,000 inheritance, you can strategically divide your funds between an ISA and a SIPP to address both immediate and future needs. By exploring tax allowances, you can refine your strategy even further. However, it’s important to note that while Matrix Estate Planning Ltd doesn’t provide direct financial advice, we’ve partnered with Skipton Building Society, a regulated entity that offers expert advice on matters like ISAs and SIPPs.

Guiding a £100,000 Inheritance

When faced with substantial inheritances, the decisions you make carry significant weight. Many individuals turn to financial advisory services for guidance. Financial advisors take the time to understand your unique circumstances, goals, and timelines, providing tailored recommendations. Initial consultations, free of any obligations, offer you the chance to gauge the value of financial advice. To explore financial advisory services, connect with Skipton Building Society, our chosen partner, offering regulated advice through our referral agreement on our wealth management webpage.

In conclusion, the choices you make with your inheritance go beyond mere financial considerations. The emotional ties and potential for financial growth intertwine in this complex journey. Seeking well-informed advice from Skipton Building Society is a prudent step to take. Keep in mind that investment landscapes and tax regulations are subject to change, highlighting the importance of staying informed. And remember, by visiting the Matrix Estate Planning website, you can also learn how to refer to Skipton Building Society.

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