There may be a time in your life when you inherit a sum of money from a loved one. This inheritance is worth a lifetime of work, so deciding on the best way to spend or invest their legacy is an important factor to consider.
According to a study carried out by the Office of National Statistics (ONS), more and more individuals are receiving substantial legacies. The data showed that 1.6 million adults had received an inheritance worth £1,000 or more, with half of these legacies worth more than £10,000. The survey also highlighted that the total sum received in inheritance in the UK is on the rise due to the financial rewards reaped from the property market. With this being the case, more and more individuals will need to consider the different avenues available because if you’re not careful when making your choice you could end up missing out on potential returns, or even see the value of your cash start to fall.