I doubt it is ever going to happen to me as I have no rich older relatives but I do wonder what people do who receive large inheritances. Those I know who have received such inheritances have usually paid off their mortgage then put the rest in the bank for a rainy day or university fees.
I have some idea what I would do.
Absolutely top of my list would be to put most of it into savings. I know this may sound rather dry but spending money is so so easy I’d have to protect myself from myself I think! I would choose a bank like Citibank. You have to have £100k as a minimum deposit to open a Citibank account, so it’s quite a luxury brand… appropriate for my imaginary large inheritance! It offers wealth management services and offshore banking, as well as stocks and shares advice.
One of the benefits of an off shore bank account is that you can manage your money in a wide range of currencies across the world. So once my money was nice and secure (and accessible) I would then move us lock, stock and barrel to somewhere sunny for a year or two so the children could grow up playing outside , attending an international school and getting a different slice of life.
I have a cousin who is raising his daughter in Australia and on grey and gloomy days I see sunshine filled pictures of them on beaches and in their pool and I so wish we had that!
What else would I do?
Well I would buy a little white convertible and a Tiffany ring. I’d visit Montana and invest in a painting by Peter Blake and I’d make hefty donation to Sightsavers
Over to you, what would you do with a large pot of money?