Inherited £1m: what should you do?
A seven-figure inheritance can change financial independence, family decisions and investment risk at once. The plan should start before the product selection.
What does the inheritance change?
For some people £1m changes retirement timing. For others it changes how much risk they need to take, whether a mortgage remains relevant or what they can give to family. Establish those outcomes before choosing an investment portfolio.
You may need more than one professional
Large inheritances can raise legal, tax, property and estate-planning questions alongside financial advice. A financial adviser should be comfortable coordinating with solicitors and tax professionals where required.
Percentage fees become very large in cash terms
Compare advisers who regularly work at this level
Minimum assets are only one side of fit. Ask whether £1m is a normal client size for the firm, how inherited wealth is handled and whether fees are tiered or capped as assets rise.