Our Expert Local Solicitors for Wills Discuss Common Inheritance Mistakes
Posted on 30th July 2021
When receiving an inheritance, there are some common mistakes that you should avoid. Our expert local Wills solicitors discuss what not to do, and how we can help.
If you have inherited money, or if you expect to inherit money in the future, you may be wondering what to do with it. Some people may use the money to clear their mortgage or other debts, they may decide to invest in home improvements, or treat themselves to a holiday.
For others who may not have any immediate use for the money, they may be wondering what they can possibly do with it. Our expert team of local Wills and Probate solicitors in Preston are not financial advisors, and we would always suggest seeking financial advice before taking any steps with your inheritance. However, we do have some top tips on things you should definitely avoid doing. Read on for more information.
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Mistake Number 1 – Not taking Financial Advice:
You may be worried about the cost of seeking financial advice, or you may think that you know how to invest money, however, you should consider doing so. A Financial Advisor can help you to manage your investments, and can provide advice on the best investments for you.
Mistake Number 2 – Spending the Money too quickly:
After dealing with the emotional stress of losing your loved one, trying to wrap your head around investments can be an additional stress that you might not need. Take your time to consider how you would be best to invest your money before taking any steps.
Mistake Number 3 – Not Considering your Tax Position:
An inheritance can affect tax that you pay during your lifetime, which a Financial Advisor could help to minimise. In addition, your financial position could affect what Inheritance Tax you may have to pay after your death. That is where our expert team of local Wills solicitors can help. Contact our team of Wills and Probate solicitors in Preston to arrange an appointment to discuss Inheritance Tax, here.
Mistake Number 4 – Becoming too attached to the assets:
This may seem like a strange one, but in our expert team of Wills and Probate solicitors in Preston's experience, people who have experienced the loss of a loved one can become attached to their assets. Impartially, it may be best to consolidate all of the assets so that you inherit cash, which you can then reinvest in a way that suits you. Again, a Financial Adviser would be able to advise you on this.
Mistake Number 5 – Keeping the cash:
Whilst some people may decide to keep cash to use for a specific purpose, leaving the money in cash could mean that, with inflation, your money is worth less in years to come.
There are many other considerations when you inherit money and when you are looking to invest and that is why you should always seek financial advice.
Can MG Legal, Solicitors near me, help?
At MG Legal, our expert team of local Wills and Probate Solicitors in Preston are here to help. We can offer legal advice in relation to your loved one’s estate, we can help you to make a Will or review/ change your Will arrangements following your inheritance, and if you decide to invest in property, our expert local property solicitors are on hand to assist with the transaction.
Contact our team at your local office to arrange an appointment. Our team provide confirmation of the fees payable at the very start of your matter, so that you know where you stand and what you will be charged for. Find out more about our fees, here.
How can I contact MG Legal?
Our team of Wills and Probate solicitors in Preston are available during office hours, Monday to Friday, 9am to 5pm. For assistance outside of office hours, email enquiries@mglegal.co.uk and a member of the team will get back to you as soon as possible.
Tagged as: Inheritance, Probate Solicitors, Solicitors in Longridge, Solicitors in Preston, Wills, Wills & Probate, Wills and Probate
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