Coles highlighted it was important for people to consider if they needed to keep the entire inherited amount for themselves suggesting there could be an opportunity to put something in place for children in the family, and fund their Junior Isa.
She also said it was useful to check whether the inheritance could be boosted such as putting some of it into a Lifetime Isa.
“Likewise if you’re putting it away for the future, it’s a sensible idea to consider a pension or a Sipp, so you get tax relief on it. You could even supplement your income with the inheritance, and then boost your workplace pension contributions. If your employer offers matched contributions, you could end up doubling your money or more,” she added.
Coles warned it can be dangerous for people to assume money will come their way eventually and urged people to plan for a life without an inheritance rather than the other way around.
alina.khan@ft.com
