Buy a property
A popular choice for many is to buy a property with the money they receive. This is the case as it is quite difficult to get on the property ladder these days as it takes time to save up enough money for a deposit. Inheritance can often be enough to top up your savings pot, or even cover the entire deposit in some areas. The nice thing about using the money for this is that your loved one will forever be in your memories for helping you to achieve such a huge life event.
Lend the money
If you don’t want to put your inheritance in the bank, you could always look at other options for growing your savings. One idea I’ve seen elsewhere online is to lend your money out through a provider, possibly giving you higher interest rates than the big banks. I’ve seen one company who can give interest rates of around 4.5 per cent, which could grow your inheritance pot even more.
Take a ‘once-in-a-lifetime’ trip
Of course, you could always spend the cash on making some more happy memories. Perhaps you and your loved one talked about places you’d like to visit one day in the future. Now is the time to go in their honour, and see a bit more of the world. Pack your suitcase and travel far and wide, taking photographs and experiencing new things. It would be a fitting way to say farewell to a dear friend.
Make a donation to charity
It might be the case that you don’t want to keep the inheritance money at all. This is completely normal, as you might feel that you either don’t need it, or it could be used better elsewhere. In this event, you could have a look at the charities in your area who are strapped for essential funds. I’m sure they would appreciate a donation on behalf of the person who has passed away. You’ll feel good as you know you’ve helped other people in the community who may have struggled without the financial boost.