How do you go in the right direction when you come into money?

From lottery wins to inheritance, managing big sums requires calm, expertise and vision.

Coming into money has many plus-sides. But managing large sums when you’re not used to it can be quite a shock – and quite a task too. What are the possibilities when you inherit money? What’s the best way forward if you have a lottery win? Who can be trusted to not just help in the short term, but offer ongoing guidance to safeguard your future?

From winning big to losing out

In 2021, 360 players became National Lottery millionaires (that’s nearly one new millionaire every day). And in EuroMillions, five multi-million-pound prizes were won by people across the year. But unfortunately, since the UK lottery began in 1994, there are plenty of examples of winners who have acted impulsively and unwisely, thinking their newly acquired money would last forever. Without the right planning, it often doesn’t. Making your money work hard is the key to making the most of your good fortune.

Navigating the complex process of inheritance

When a loved one passes away and you inherit a sum of money, dealing with probate is the first – and a big – step. For large, complex estates, the process can be highly involved, and quite daunting. The right experts alongside you will help simplify the process as much as possible, and move you forward to the point at which you can form a clear plan.

It’s about expertise, but it’s about trust too

A strong relationship with a financial planner, built on trust, really does come into its own in these circumstances. Attivo have supported many people who found themselves in this position: either inheriting or winning a sizeable amount of money and becoming wealthy overnight. How do you best start this new financial chapter in your life?

First of all, take a moment

Before you make any big decisions (or even bigger purchases), press pause. Don’t leave your job or your own business until you have a well thought through, long-term plan in place to secure your desired lifestyle, retirement and legacy. Make sure you understand your tax obligations; pay off any debts you have before you spend. And even when you have cleared any debt, you still need to budget carefully!

If you want to give gifts to people, do you want to specify how the recipients use the money? If you choose to make significant donations to charity, take the time to do your research into which organisations you want to support – you may be inundated if word gets around.

All this means, right from the off, putting the time aside to find the right financial planner for you; a firm that takes the time to understand your situation, your goals and your priorities.

Simplifying the way ahead

Attivo is on hand to help you plan your first steps and map out the road ahead. Our independence means we provide our clients with clear, unbiased, jargon-free advice on investments, retirement planning, tax planning and more. And, most importantly, it’s always focused on what’s best for you.

Contact us if you want financial planning guidance you can trust – in the most exceptional times.

 

*The value of your investment can go down as well as up. You could get back less than you invested. The FCA does not regulate inheritance tax planning services. Tax treatment is based on individual circumstances and may be subject to change in the future.