What should I do with a lump sum inheritance after selling a relative's property?

Hi,

Once my late dad's house is sold, I need to know what's best for a disabled, brain-fuddled, independent girl to do! We have probate. Was self-employed but when my brain fell out (9 years ago) I lost everything!

Drama over, best wishes,

Sue

Hi Sue,

It sounds like you have had a bloody tough 9 years. And I’m sorry for the loss of your Dad. I suspect you may feel some resistance to what I am going to suggest. If you are brain-fuddled and have a lot on your plate to deal with, I really think you need some help from someone on your side. Which will come at a cost.

I don’t know how much your Dad’s house might bring in, but if there is no mortgage - or a small mortgage - this could be £100,000s and this is too much money to feel uncertain about. You have a very specific question about a specific sum of money at a moment in time – so you arguably do not need to pay for ongoing financial advice. So I would suggest you find someone who can advise you for a fixed fee on this specific point. You would typically expect to pay around £150 - £250 an hour for financial advice.

You could look at sites liked Unbiased or VoucherFor to find an adviser near you and read what their existing customers have to say about them. This article will tell you some questions to ask and what to look out for. Netwealth offer a low-cost advice model. Or Charles Stanley offer a series of fixed fee advice packages from £900+VAT.

Lots of people feel hesitant about taking advice, and have a lack of trust in the industry. But there are some great advisers out there and for things like this – which are chunky sums of money and important – I think this is money well spent.

Good luck Sue!