What should I do?

[battymum]

OK this is a little personal but I am hoping to get some feedback from my anonymous Disfriends.

DH would be horrified that I am sharing this but here goes.

Recently both of DHs grandparents passed away - (sadly after 67 years of marriage, they passed within 4months of each other) anyway their house was sold and the money divided between their two children (one of which is FIL)

So they have given DH a reasonable chunk of this money - (dont think I didnt notice that the cheque was made out to DH alone) - now its not enough to change our lives or pay off our mortgage, but we really dont know what to do with it.
His family are simple suburban people and this was their lives work - so I dont want to just blow it. While I have a fractured relationship with MIL - the Grandparents were the sweetest people you would ever meet, so in some way I would like to honour them.

We could buy a new car, but I am the only one who drives our car, so I dont think thats right, similarly we could do with a new kitchen, again DH doesnt care for a new kitchen. If we put it away for our children, its not really that much when you divide by 3.

I would like to take a trip - but is that right? We were already planning a Japan trip before this came along. But I dont want to just bank it or put it on our mortgage or bills that we would have paid anyway.

DH and I havent really talked about it - its kind of weird - and we are both pretending its not there. - we havent even banked the cheque yet.

 

[Melbourne5]

Sometimes it might be best to let a bit of time pass to separate the emotion of your dh grandparents passing and what to do with the inheritance. It might be a good idea also to ask your dh what his thoughts / ideas are and maybe it will match your view....

 

[Andona]

I also think you probably both need to take some time to think about the best way to manage the gift. You'll probably both change your minds few times before you settle on the best idea, and I imagine it might take a lot of thinking and chatting between the two of you.

Your DH's grandparents sound like wonderful people - maybe your DH would like to use the money to do something that they would like to have done but never had the time/opportunity to do?

Andona

 

[australiankaren]

I agree...

maybe put a 3 month sitting and thinking time limit on it..just let it sit in an account for a little while earning 1% interest.

we also had this a little while ago, and I would like to thank Uncle Joe for our 60 DVC vero beach points.....plus other little things we wouldn't have even thought of doing. Everytime we will go to WDW or DLR or Aulani and use some of these points, we'll think of him and his generousity.

let it sit and take a breath..you'll be surprised what you may come up with..

 

[Travel Mum]

Yes, I'll say the same thing. First of all bank the cheque and perhaps put it on a short-term savings deposit. Use that time to toss around ideas with no pressure to decide because at least you know the money is sitting safely in the bank and growing a little bit. It's a big decision and not one you will want to rush.

 

[austraveler]

I agree with all the above suggestions - it is a nice problem to have and with time an appropriate answer will present itself. While you decide what to do, put it against your mortgage. Your repayments can remain the same but the interest saving will help you pay off your loan a little faster and you will not earn the taxable interest that you would have earned in a term deposit.

 

[Beee]

If it were me I'd pop it into the mortgage account for now and then redraw that amount later on once the perfect use for it presents itself.

In all honesty, if I were to inherit money from my grandparents I'd put the vast majority of it onto the mortgage - financial security is very important to them so it would make them very happy to know that they were helping towards my financial security. But I know other family members who would want us to have fun with the money (in that case I'd be booking a holiday quick smart!)

 

[BecBennett]

My grandmother passed away almost 2 years ago, and I was left $1000 she just had one stipulation in her will - it had to be invested

So I still have a $1000 cheque stuck to my fridge while I think of what I could invest it in. I don't want to put it in my savings account at the moment (and I know thats silly because it could be earning interest) because of our holiday that's coming up, I don't want it to get lost amongst all of that money, and then accidentally be spent

So I've found a few options, and now I'm deciding which suits me best. It's not going to make a fortune when I do invest it, but I'm hoping that it's enough to start me building an investment portfolio.

 

[PrincessInOz]

Battymum - Only you and DH would know what is best for the family.

But I have a philosophy when unexpected "gifts" like this come my way. Get something tangible. That way, you can always remember the person when you 'use' the tangible item.

So, based on this philosophy, a trip does not count. But buying DVC would......

In the meantime, put it into a short term deposit at about 5 or 6 % interest or into your home loan. Every $10K you knock off your home loan now will save you $600 - $700 in interest repayments per year. That's better than interest.

 

[battymum]

Thanks everyone -

Last nights discussion was "I have put the thing, in the thing"
But yes we have put it in our mortgage offset account for now. I guess its up to DH if we do anything with it. Although I get the feeling that he intends just to keep it and reduce the term of the mortgage.


I just dont want to see it dissappear into the abyss that all our other money goes and I would like to use it on something that we would never have done otherwise.

 

[alicia1506]

when my grandfather passed, my grandmother found money tucked away in his sock drawer. she thought about all the uses she had for it, and then split it between the 3 of us with instructions that it be used for something we considered special.

i ended up buying myself a present, that to this day, i think of as 'grandpa's gift'.

i know that if carlo and i were ever lucky to inherit any kind of monetary amount, we would put it to use in a trip, but in some way that honoured or celebrated the person that gave it to us so that we would have that memory always.

i know that you and your DH will make the decision that best suits you ... and in the meantime, if it's reducing your interest... bonus!!!

 

[battymum]

Its funny how different society has become - these people spent their entire lives living in the western suburbs of Sydney -but until a few years ago, Pa had never seen the Sydney Opera House -they went on a trip to Fiji when he retired - and that was it as far as spending any money on themselves.

They died with quite a substantial amount of cash that they were saving for a rainy day - their house was impecably neat, but orginal, no car, no drinking, no smoking. Family was everything to them and they were always warm and engaging and genuinely interested in anything we were doing. Although when we told Pa we were going to NYC his response was "too many murders there"

This is why I am so conflicted about spending their money.

DH has already told his parents "dont die with money in the bank - enjoy yourself"

 

[australiankaren]

I so agree with that
we tell the kids "you'll have the house,the DVC titles, the car, furniture , my star trek collection..... but dont expect there to be any $$$ in our accounts"

I want memories with my DH, as who knows what is around the corner.

great result re the $$$..let it sit , and then one day the dh will say " lets do .......with the $$$"...

money....thank god I dont have the issues associated with having a lot of it like Gina Rinehart..rather be broke and happy than richer than god and have nothing...

 

[Toy Story]

I agree that it is a good idea to put it aside for a few months - maybe make a list of the things you think you need to spend it on and add or subtract as the months past.

No mortgage would be fantastic.

My grandmother had left each of her grandchildren money to put towards a trip somewhere - while she herself never got on a plane - she loved going on cruises.