{"id":1673,"date":"2023-06-05T10:59:09","date_gmt":"2023-06-05T10:59:09","guid":{"rendered":"https:\/\/www.hansfordbell.co.uk\/?p=1673"},"modified":"2023-08-03T12:36:38","modified_gmt":"2023-08-03T12:36:38","slug":"how-to-manage-your-inheritance","status":"publish","type":"post","link":"https:\/\/www.hansfordbell.co.uk\/how-to-manage-your-inheritance\/","title":{"rendered":"How to Manage your Inheritance"},"content":{"rendered":"

How to Manage your Inheritance<\/h1><\/div>
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Inheritance, no matter how sizeable it is, can be extremely important for anyone\u2019s financial situation. Whether it\u2019s a large asset like a house, a lump sum of money, or a pension it can be used in so many ways to improve your quality of life and ensure future financial stability.<\/h4><\/div>

People often use inheritance to cover a down payment on a house, pay off debts or a mortgage, or invest into their savings. In this article we\u2019ll discuss how you can make the most of your inheritance and manage it properly.<\/p>\n

Hansford Bell are independent financial advisors based in Tavistock. We provide our clients with impartial advice into managing their finances, whether you are getting started on your financial journey, or already have a portfolio in place, get in touch to see how we can help.<\/a><\/p>\n<\/div><\/div><\/div>

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Making a Financial Plan <\/strong><\/h2>\n

The first thing you do when you come into a large sum of money and are not sure what to do it with it is to reassess your financial situation and start planning for the future. Identify high interest debt like credit cards, or short term loans, and pay these first. This can reduce your monthly expenditure and help you save more money month to month. Once this is done, you can start allocating money to different things and plan where to invest your money.<\/p>\n

Assess long-term and short-term financial goals, if you have an emergency fund, then allocating some money to this would be good for a rainy day. It\u2019s important to be aware of your future cash flows, Cash Flow Planning<\/a> can help assess your \u2018personal liquidity\u2019 and can account for periods of low income which savings will help with.<\/p>\n

If you have been planning on making an important purchase, such as a new bathroom or car, then this is the time to address what is urgent and prioritise your purchases, this can reduce unexpected costs later on down the line. Completing these steps should allow you to maximise the impact of your inheritance and improve your financial resilience.<\/p>\n

Find out more about financial resilience ><\/a><\/p>\n<\/div>

Check out our service propositions<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>

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Invest in Assets Which Appreciate in Value<\/strong><\/p>\n

Investing your money into assets which appreciate in value are a great solution for inheritance. Properties are always a good investment as they rarely lose value compared to other assets like a car which often decline in value year on year.<\/p>\n

Other assets which typically appreciate in value over time include:<\/p>\n