Inherited £500k: what should you do?
At £500,000, small percentage fees become meaningful in pounds, but so can the consequences of making a poor long-term decision.
You can deliberately pause
You do not need to build a permanent investment portfolio the week money arrives. First understand existing finances, near-term spending, debt, tax considerations and how much of the inheritance should remain liquid.
Think across the whole balance sheet
£500,000 may change retirement timing, mortgage decisions, pension contributions, investment risk and the amount of support you can give family. Treat those as connected decisions rather than separate product purchases.
Turn adviser percentages into pounds
Choose an adviser used to sudden wealth
Ask how the adviser works with inherited cash, inherited investments and family planning. A service designed around ordinary monthly saving may not be the same as one designed around a large new lump sum.