Bob!
Coffee Buyer
- Jul 5, 2003
- 11,117
In those circumstances she would be deemed to be depriving herself.
Any Benefits would be based on her having the money (whether or not she had it)
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[Finance] Any experts on wills / probate?
- Thread starter Fungus
- Start date
In those circumstances she would be deemed to be depriving herself.
Any Benefits would be based on her having the money (whether or not she had it)
- Thread starter
- #22
Bob!
Coffee Buyer
- Jul 5, 2003
- 11,117
...yep, that's the crux of the matter
legitimate spending is fine, be it to clear down debts, to get a better car to enable you to get around....
KLF
Albion Boleh!
Could she put it in trust funds for her dependents in their names and therefore have no access to the money? Sorry I'm no expert so no idea if that's a runner or not....yep, that's the crux of the matter
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darkwolf666
Well-known member
I think your friend should talk to CAB regarding her dilemma.
It should be noted once her “savings” drop below the £16000 mark that each £250 above the £6000 cut off amount will count as £1 of income, or £4 per thousand. So at £15000 or £9000 over the tariff amount of £6000 you would be looking at £36 being counted as additional income - so not too as disastrous a “tax” as it sounds.
Think that’s right and makes sense, hopefully!
It should be noted once her “savings” drop below the £16000 mark that each £250 above the £6000 cut off amount will count as £1 of income, or £4 per thousand. So at £15000 or £9000 over the tariff amount of £6000 you would be looking at £36 being counted as additional income - so not too as disastrous a “tax” as it sounds.
Think that’s right and makes sense, hopefully!
Quite a few threads on here raising similar issues.......
https://forums.moneysavingexpert.com/showthread.php?t=4190501
https://forums.moneysavingexpert.com/showthread.php?t=4190501
Super Steve Earle
Well-known member
https://www.gov.uk/alter-a-will-after-a-death
I'm pretty sure it's a simple cheap exercise as above.
I'm pretty sure it's a simple cheap exercise as above.
- Thread starter
- #29
Thanks, but to do it to avoid a loss of benefits is likely to be illegal, so she needs to get expert advice.
- Thread starter
- #30
Thanks, will have a look in the morning.
- Thread starter
- #31
Thanks, that doesn't sound as bad as I was led to believe!
- Apr 5, 2014
- 23,524
The upper savings threshold is 16k (£1 lost in benefits for every £250 over 6k). So a 4k difference. Once the person savings drop below 16k they can claim again provided they can show there was no deliberate deprivation of capital.
Seek advice from a group other than the DWP. They are clueless and nearly cost me a grand until I told them their own rules.
maffew
Well-known member
Whatever the legal or moral right or wrongs are (there will be some who will take a moral high ground or think differently, however) personally I hope your friend gets a good legal solution and nets as much money as possible as per the benefactors intentions and wishes and it takes a bit of pressure off (certainly not put any stress on)
Good luck I say. And I'm not ashamed to say that if I could find the best way to make sure I netted as much as possible legally I sure as hell would take it
Good luck I say. And I'm not ashamed to say that if I could find the best way to make sure I netted as much as possible legally I sure as hell would take it