Emma and Rob were 41 and 43 years old, married with two young children:
- Combined Salary: £130,000
- Existing Savings: £11,000 and ISA £35,000
- Property worth: £400,000
- Mortgage: £225,000
- Inherited: £1,750,000
Their situation
Emma and Rob inherited a large sum of money as well as a property from a grandmother who passed away. Both already have good jobs though Emma wants to give up work to spend more time with the children, while Rob is seeking a career change.
They’ve outgrown their current home and have aspirations to buy a larger property that will see them through to retirement.
Though earning well, they’ve never had access to such a large sum of money before. While both are financially literate, they’re seeking advice as to how best to use the inherited assets.
The Otter solution
We met with Emma and Rob to ascertain their aspirations, hopes and fears for the future. We took some time to examine their current pre-inheritance position to determine improvements that could be made in advance of the inheritance arriving.
We assisted in the dealings with the executors of the will and ensured that the inheritance was dealt with smoothly.
Once the proceeds were secured, we introduced the couple to a trusted estate agent who handled the sale of their property, the inherited property and the purchase of a new home.
We advised on the investment of funds to generate income to fund their children’s education and implemented a cohesive investment strategy with the balance of funds, weighing their risk appetite against their capital growth aspirations.
Using our sophisticated cash flow tools, we were able to demonstrate that the couple could afford to have Emma give up work, as well as allow Rob to take a pay cut in order to take a new role that he genuinely enjoys.
We continue to meet with Emma and Rob to keep their investments under review and to provide ongoing advice and support.
This is a real situation based on real clients of Otter Financial Services. We’ve changed names for data protection reasons, but if you’d like to speak to any of our clients, just let us know and we’ll put you in touch.
