My husband left me everything and I spent it all - even my daughter’s uni fund

"My daughter can't believe all her dad's inheritance is gone... now she is furious at me and even refuses to support me in my retirement."

Sally spent her husband's entire inheritance on their dream home in Malibu. Source: iStock

Sally’s husband died four years ago, leaving her and their 16-year-old daughter, *Mia, with more than seven figures worth of inheritance. 

“My late husband left me everything and told me to trust his lawyer,” she explained on Reddit.

Working as a doctor, he made some “minor” investments, which only added to the wife’s loaded inheritance. 

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Sally spent her husband's entire inheritance on their dream home in Malibu. Source: iStock

"I didn't anticipate extra costs when buying my dream house"

It was one year after her husband died that she decided to sell their home of 12 years.

After receiving an offer that was “too good to refuse”, she decided it was time for her and Mia to move away.

Always dreaming of a beachside home, they decided to buy a place in Malibu, with an “influx” of cash from the inheritance and recent sale of their family home.

However, she knew her late husband would not have approved of this drastic step.

“He was exceptionally tight-fisted and called the homes, ‘money pits’,” she explained. 

The mother and daughter soon found the perfect house, but this was the first time Sally had ever “handled anything regarding buying a home”. 

“I did not anticipate all the extra costs beyond the sticker price,” she said, shocked. 

Despite the added costs, Sally decided to go through with the purchase to make Mia happy.

“My daughter was so excited, so I decided to go for it."

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“Not listening to the lawyer made my own investments worse”

Her late husband’s lawyer was less than pleased, though, so sally simply "decided to stop taking his calls".

Instead of listening to her late husband’s wishes, she signed up with a money manager, who said they would be “passively earning 90 per cent of what surgeons earned per year.” 

Sadly, the money manager ended up “tanking” the majority of Sally’s investments.

“I took the dwindling money out and made my own investments, which made it worse,” she confessed. 

Now she has only $35,000 to her name, excluding the debts she has racked up. 

“With the amount available to me, I am looking at only being able to pay one month of a mortgage and upkeep, and then I'm basically out of luck until my business gets clients."

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Daughter cannot believe all her dad’s money is gone

There is one last resort for Sally - a fund with a “significant amount of money”. However, this is entirely dedicated to their daughter’s college tuition. 

“With the money there, I could prevent our credit cards from being shut down, and not have to worry about the mortgage for many more months."

Without consulting her daughter or lawyer, Sally liquidated the college fund. 

Furious at the news, her daughter said she “cannot believe all her dad's work is gone” and that she would no longer be able to support her mother when she retires.

*Names have been changed

Originally published as My husband left me everything and I spent it all - even my daughter’s uni fund