[Finance] Any experts on wills / probate?

[Bob!]

Agreed. But it wouldn't be in her bank; she would pass it on to her three adult children, which was what the writer of the will wanted (and probably should have written, but didn't think of this situation).

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)

 

[Fungus]

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)

...yep, that's the crux of the matter

 

[Bob!]

...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]

...yep, that's the crux of the matter

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.

Sent from my SM-A520F using Tapatalk

 

[Fungus]

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.

Sent from my SM-A520F using Tapatalk

Good idea, but I think trust funds are more for when dependants grow up - hers are already young adults.

A similar suggestion was to pay her in instalments, but that might also be dodgy.

As it stands, it's pretty much a 100% inheritance tax.

 

[darkwolf666]

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!

 

[dazzer6666]

Quite a few threads on here raising similar issues.......

https://forums.moneysavingexpert.com/showthread.php?t=4190501

 

[Super Steve Earle]

https://www.gov.uk/alter-a-will-after-a-death

I'm pretty sure it's a simple cheap exercise as above.

 

[Fungus]

https://www.gov.uk/alter-a-will-after-a-death

I'm pretty sure it's a simple cheap exercise as above.

Thanks, but to do it to avoid a loss of benefits is likely to be illegal, so she needs to get expert advice.

 

[Fungus]

Quite a few threads on here raising similar issues.......

https://forums.moneysavingexpert.com/showthread.php?t=4190501

Thanks, will have a look in the morning.

 

[Fungus]

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!

Thanks, that doesn't sound as bad as I was led to believe!

 

[Eeyore]

Asking for a friend. In brief, non-specific terms:

Estate has been sorted, final cheques have been sent out to six children with equal splits.

However, one of these children is on income support as full-time carer for two children. She is worried that her benefits will be stopped - the cheque is for £20k (much more than expected), but the citizens advice bureau have advised you are only allowed £6k in savings and benefits are automatically stopped over £16k. Even inheritance tax isn't that drastic.

The question is - can her cheque be cancelled and split directly amongst her children? I gather a "deed of variation" would cost around £600.

Is there a way for the money to go where the writer of the will intended, without benefit fraud, without the executor committing fraud, and without costing a fortune?

Thanks in advance.

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]

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