A situation has the potential to become more challenging whenever money is involved. While receiving an inheritance can be beneficial, the responsibility of managing the inheritance and making decisions can be stressful.
Whether you’ve recently received a large household inheritance, or you’re anticipating the gift of inheritance, there are a few guidelines to manage inherited belongings wisely.
Research tax implications
One of the main implications for households who receive an inheritance is that they may be liable to pay inheritance tax. In the UK, the standard inheritance tax rate is 40% but there are various circumstances that may change this value. Do your research to best understand the tax implications of receiving a household inheritance.
Take your time
Sometimes, receiving a large inheritance can be a surprise and the death of a loved one can be overwhelming. Dealing with money and valuables can complicate the grieving process, so take your time to deal with your grief before making any important decisions.
Seek advice if needed
Managing an inheritance can be overwhelming and professional advice can be a big help. Depending on the value of your inheritance and your confidence in making decisions, seeking professional advice from a financial planner or lawyer can relieve the burden and help you focus on more important parts of the process.
Determine what to keep, buy, sell or store
When the bulk of your inheritance includes physical items it introduces the unique challenge of deciding where to keep your inherited belongings. While you take the time to decide what to keep, buy, sell, or hold for a later stage, you can rent a safe and secure storage unit as an extension of your home.
Ask about insurance
Some of the belongings that you inherit may be valuable and the risk of damage could be costly. Enquire about recommended insurance and decide which items you want to insure and whether any of the belongings are part of an existing insurance policy.
At Pink Hippo Self Storage, we offer secure self storage units to keep your inherited household belongings safe while you decide what to do moving forward. We’re proud to offer a second home for all of your personal belongings, including those that you’ve recently acquired.
Find out more about our personal storage solutions in Reading and Leatherhead.