Advice needed on Handling Family Inheritance Wisely
Hi, here’s the situation:
My wife and I have been married for three years. Her father passed away four years ago, leaving her mother, who now lives with my wife’s sister to help with her kids.
My wife’s father left 6 lakhs in the bank and a house worth 8 lakhs.
We set up a 5 lakh FD for her mother and kept 1 lakh in cash for expenses.
We’re in the process of selling the house for 8 lakhs and have received a 3 lakh advance, divided between my wife, her mother, and her sister. I suggested putting the 3 lakhs into a new FD, but her sister may not return her share, so we might only have 2 lakhs for this FD.
Once the house is fully sold, we’ll receive the remaining 5 lakhs, making the total 13 lakhs, with 5 lakhs already in an FD.
My plan:
- Break the existing 5 lakh FD into smaller FDs (50k, 1 lakh, 2 lakh) for flexibility.
- Invest 7-8 lakhs as a lump sum in Nifty50 for 10-15 years.
- We’re considering health insurance for her mother, which costs around 60k, but I’d prefer not to cover this expense myself. Any ideas on how to fund this insurance from the existing funds would be helpful.
Any advice on this strategy would be great!
Note: I don't want to take too much risk with their money and also protect the money for her mother until she is alive.