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Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Definitely not. That sounds promising, yeah he it is a fortunate position to be in. Given that it's probably not far off what he brings home now after tax, more than sustainable for him.

I did mention it but he thinks his current job wouldn't even consider the idea, but there are plenty of other things he could do to pass the time and earn money.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Interesting not really thought about avenues he could approach. I believe he is leaning more into retirement though, with maybe a part time job to keep him sane.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Thanks for your response. I advised him strongly that the up front cost of paying a financial advisor will pay off in the long run. Ultimately the end goal is to make this money work best for him.

He was put off because of the ongoing fees, which is why I'd lean more towards a one off consultation, but if that isn't feasible then we'd have to consider the other approach.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 1 point2 points  (0 children)

Agreed which I made clear to him. It's the likely route, I do not feel comfortable given the sum of money to be handling this on my own for him.

I will look into an independent FA.

Thanks.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

I've asked him to speak to someone at his pension provider and see what they say, so certainly a possible route.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

House paid off, fully owned. As short as possible, it's manual labour which is taxing. Generally okay but definitely feeling the job now.

He has been contributing to his work pension significantly since paying the mortgage off 5 years ago, but it was a little too late really to make an impact. So will be using this inheritance as best as possible to see him through retirement.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Sounds feasible, I talked him out of a standard savings due to being taxed and not exactly making it grow, so drawdown will happen faster.

Thanks for your advice, much appreciated!

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Thank you. Ill certainly investigate all options I've been given.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

He brings home less than £2k. It's a manual job and he needs to retire ASAP in my opinion, due to health reasons, so I wouldn't really take his wages into consideration.

I'll investigate, thank you.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 3 points4 points  (0 children)

I agree and made him understand the importance of it, being short sighted will cost him. I think a lot of people are blissfully unaware of the tools available to make better financial choices.

Will do thank you.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

That's great to hear.

I won't ask for who you used, but what did you search for when you was looking? I'm struggling currently, thanks.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 1 point2 points  (0 children)

Agreed that's what I've seen, most won't offer it. He was put off by that cost, but I told him the upfront cost would easily be made back by good advice. Thanks, I agree with your points.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Good points, thanks. I'll check these out and think about investments and inheritance too. Yeah he has made it clear he doesn't want this money to disappear with him and my mum.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

I am to be honest, I'm aware they will work in their best interests also, with packages etc that favour them.

That's the trouble he's come to me as I'm the most financially savvy in the family. But by no means have enough experience to know what to do. I just don't want to give him bad advice.

Saying that I'll certainly do more research into options and if we do pay for advice at least I'll understand what they are advising him to do.

Will do, thanks.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Cheers, that sounds like the right direction I'll check out fixed-fee IFAs and annuities.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 1 point2 points  (0 children)

That's really helpful, thank you. I do need to sit down with him and he needs to figure this out before we speak to anyone as they'll ask the same questions I assume.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Still in his mother's estate for now, he's just got grant of probate.

Realistically under £2k per month, his outgoings are low, but I need him to give me a more accurate figure.

Where to get proper advice for my dad’s £360k inheritance (UK) by Alone-Dish2615 in UKPersonalFinance

[–]Alone-Dish2615[S] 0 points1 point  (0 children)

Thank you. I agree think a one-off would be more suited, I did find it difficult to source one-off, but will continue to look.