Inheritance and benefits

RayWolfe

jennihen wrote: »

Sadly an inheritance of this size is not a windfall.

I beg to differ.
You would rather be on benefits paid for by your fellow citizens who do not have windfalls, rather than be in the wonderful position of being able to stand on your own two feet?
Sad reflection on our times.

jennihen

You misunderstood - or I was not clear!
25k is not a life changing sum that you can splurge with. Unless the OP's circumstances change drastically she will have to be as stringent as ever in her spending. That means living on a basic budget, no new car, no holiday of a life-time etc and no saving it for her childrens future.
It is a limited income from a different source and needs to managed accordingly.

[Deleted User]

2 years wages for some hard working people. Do the decent thing OP

opinions4u

RayWolfe wrote: »

I beg to differ.
You would rather be on benefits paid for by your fellow citizens who do not have windfalls, rather than be in the wonderful position of being able to stand on your own two feet?
Sad reflection on our times.

It's a sentiment I agree with.

That said, if I was in the position of the OP I'm honest enough to hold my hands up and say that I would do anything legal that I could to preserve my windfall and retain my income at its current levels.

It's the benefits system that stinks. It's the benefits system in its current form that creates the dependency culture.

agsnu

opinions4u wrote: »

But the money was left to you, not to your kids. Other readers in similar positions should consider writing wills that set up trusts for grandchildren in similar posiitons. Good legal advice is appropriate before doing this though.

http://www.hmrc.gov.uk/CTO/customerguide/page21.htm#1

It may be worth varying the will so that the cash passes directly to the children, or some sort of trust for the children. But of course £25k is not a huge amount of money in the grand scheme of things and the fees involved may be comparatively high.

Jake'sGran

I realised about this aspect of inheritance only recently as I am in poor health and one of my children who lives on benefits will inherit more than the sum mentioned above. He appears to be as fit as a fiddle but I know, as he does, that he has a mental health problem. I have been wondering whether or not to tell him that he will lose his benefits unless there is some medical miracle to be discovered and that I can have to extend my life in which case I might get the chance to spend it or start giving more to my grandchildren!

shadyone

Thanks for all the answers.
Thanks to the person who said sorry about my mum, I would rather have mum back any day than have all the money in the world. I am not a materialistic person and I worry about every thing. I have never done any thing illegal, I am merely being a bit ignorant of the facts hence being on here.

The fact is I don't even want to be on benefits. It's an off shoot of the recession. My husband is self-employed and in the building trade and hasn't got any work, so I work part-time and he is house-husband (we still have a younger child at home).

Of course I don't want to sponge of anyone and will tell all the relevant authorities concerned. I just hope the recession picks up and every thing and everyone can get back to a relatively normal life and get back to work.

ses6jwg

shadyone wrote: »

Thanks for all the answers.
Thanks to the person who said sorry about my mum, I would rather have mum back any day than have all the money in the world. I am not a materialistic person and I worry about every thing. I have never done any thing illegal, I am merely being a bit ignorant of the facts hence being on here.

The fact is I don't even want to be on benefits. It's an off shoot of the recession. My husband is self-employed and in the building trade and hasn't got any work, so I work part-time and he is house-husband (we still have a younger child at home).

Of course I don't want to sponge of anyone and will tell all the relevant authorities concerned. I just hope the recession picks up and every thing and everyone can get back to a relatively normal life and get back to work.

Unfortunately because of all the spongers out there when you tell people you recieve benefit some automatically judge you as a sponger as well.

So when you genuinely need government help, you take on the stigma that is attached to it. Sad really, but thats life.

ffacoffipawb

shadyone wrote: »

I just hope the recession picks up and every thing and everyone can get back to a relatively normal life and get back to work.

The economy will get better next year. That will start to happen on Thursday 3 June 2010 at the latest.

leveller2911

ffacoffipawb wrote: »

The economy will get better next year. That will start to happen on Thursday 3 June 2010 at the latest.

I'm just guessing here, but that wouldn't be after an election would it?.If so then don't hold your breathe thinking it will get better.

We as a country are in so much debt and to be honest none of the parties are any good.

Over the next few years there will be stinging cuts in services including jobs and because FTB ers need a much bigger deposit to buy a house don't think the housing market including the associated industries like construction will pick up, they won't/Can't..........

Sorry to be the bearer of bad news/facts.........:rolleyes: