Even if it has been long-expected, the death of a loved one is always a sad occasion. If youâ€™ve recently lost someone, itâ€™s important to give yourself time to grieve. Thereâ€™s no rush to decide what to do with any money you may have inherited, so itâ€™s best to consider your options carefully before you make any financial decisions, particularly if the sum of money is a large one. If you feel that you have been unfairly cut out of a loved oneâ€™s will, itâ€™s important to contact a solicitor who specialises in probate cases, as quickly as possible. This is because it will be most difficult to return your rightful inheritance if the assets have already been divided and sold off.
Setting Up Your Own Business
Starting your own commercial enterprise is one of the most exciting and ambitious things you can do with inherited money. However, itâ€™s essential that you have a detailed business plan before you start to use any of the investment capital. Do your research on the market youâ€™re looking to break into and the main competition that you will encounter. This will give you a clear idea of an appropriate business model and allow you to start attracting investors, partners, suppliers and clients.
Investing the Money
Investment can be a tricky business, particularly if you have little financial knowledge or have never attempted to invest before. You may need to employ the services of a professional who can manage your investment portfolio for you, or at least advise you on the best investment options. Itâ€™s not recommended that you make investment decisions alone if you are inexperienced and you should only ever invest money that you can afford to lose.
Investment funds are usually the best choice for beginners, and individual shares are only appropriate with those with more experience. You should be honest about your investment goals and the risks you are willing to take.
Property is a great way to use investment capital. Houses and flats rarely decrease in value (unless they are left in a state of extreme disrepair) and you can let out the property to tenants and use the profits as a supplementary source of income. Ask your local estate agent which areas of your city or county are currently most valuable and choose a location where youâ€™re more likely to get big returns on this kind of investment.