- April 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Dilemma: Multiple Sclerosis Diagnosis and Inheritance
Hi Folks,
I’ve had a strange start to 2024. Recently, I received a potential diagnosis for Multiple Sclerosis and, simultaneously, I am inheriting approximately £350k. The first £100k was transferred to me last week. I am married with 8-year-old twins, and my mortgage is £60k. I have made the decision to take a few months off work to focus on improving my health and fighting my health issues. While I would like to ensure that the money I have inherited works for me, I am completely unsure of where to begin. Throughout my life, I have always lived paycheck to paycheck, and I lack any experience in investments.
At this juncture, any advice would be greatly appreciated. Thank you in advance, kind Redditors. Xxx
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Hi /u/Actual-Purpose-4444, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/tax-traps-and-tax-efficiency/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
If I had a potential serious illness with unclear future I’d be more likely to get mortgage paid off initially or at least most of it (to avoid early repayment charge). The rest I’d get into pensions and Isas as you receive it.
Hi – the money needs to be managed in accordance with your lifestyle objectives and specific circumstances.
For those commenting about a pension – while great for tax benefits, you won’t be able to access the money until 57.
What about if it’s required for home adaptions to improve your life with MS for example, or support your twins.
How would the person who has left you the inheritance want it – or a portion of it – to be spent? (may or may not be relevant).
A once in a lifetime trip to DisneyLand with the twins?
Managing the money is generally easy once it’s attached to important lifestyle events/goals.
It’ll likely be a split between cash (12m expenditure + mortgage balance) and ISAs (with any surplus allocated to a general investment account or pension, depending upon your wider tax position and need for flexibility).
You ought to speak to a professional.
Jordan.