What to do with a windfall.

[Drawweight]

My wife has got a share of her FiL’s estate.

By the time we pay for a holiday etc there’ll be about £32k left.

She’s not working but pays a lump sum into a pension once a tax year as she’ll be pension age in a couple of years.

I’ve got a smallish drawdown pension fund that I’m taking £1k per month out of which is probably depleting it slightly. We’ll only need to withdraw at that level till my wife gets her state pension.

My thoughts are we can’t add this £32k into either of our pots. Is this correct?

Do we invest it and draw the £1k out of it and leave my pension fund untouched.

I’ve got an IFA who I will be consulting with but the money isn’t due to come for a few weeks so I thought I’d see my options beforehand.

[Halitosis]

Forgive my foggy brain, but I'm stuck on your first sentence... Wouldn't your wife's father in law be your father?
(don't mean to pry and not even relevant to your post so sorry for the the question!)

[dmahon]

Maybe he means her step dad?

Maybe put it into ISAs if you have allowance. That way it can grow tax free but you have instant access.

[Drawweight]

Halitosis said:

Forgive my foggy brain, but I'm stuck on your first sentence... Wouldn't your wife's father in law be your father?
(don't mean to pry and not even relevant to your post so sorry for the the question!)

Oops….I meant my FiL.

[billbring]

Would it not be simpler to describe the relationship as 'her father'?

Edited by billbring on Monday 6th September 20:31

[85Carrera]

dmahon said:

Maybe put it into ISAs if you have allowance. That way it can grow tax free but you have instant access.

This - and don’t bother with an IFA.

[Simpo Two]

dmahon said:

Maybe put it into ISAs if you have allowance. That way it can grow tax free but you have instant access.

Yes, but he needs a vague idea of what to invest in (assuming you mean a S&S ISA)

[Halitosis]

Put in into a Vanguard Life Strategy fund - reasonably safe for what is potentially a short investment period