What Should I Do?

marmitepotato

My sister passed away last year in South Africa. She left me half of her pension fund. This has been paid out to my BIL to distribute to me. Last year he transferred some into my bank account, and will make another payment this year and next year. He's not send the whole amount as he will be taxed on it

My worry is that my bank may think I am laundering money! I have read a thread on this forum where grandparents sent their grandchildren money via their daughters account, and the bank the money arrived in closed the daughters account as they thought she was money laundering. What should I do? More cash will arrive this summer.......


I have copies of my sisters pension fund, saying that she left half to me. Would this be enough?

innovate

Tell your bank that you are receiving an inheritance. Show them the supporting documentation, incl the award of half of a pension to a non-dependent relative or spouse, and they will be able to take your evidence into consideration.

It doesn't sound right, though, that your BIL would have to pay tax on your inheritance. Different countries, different laws, but I can't believe there is any country in the world where anyone has to pay tax on someone else's inheritance. So if indeed he does, you should be ready to show the bank supporting evidence of that too.

marmitepotato

Thanks for your reply, I think I should take the document into the bank before the money arrives. At least they will know that the cash is expected.

pmduk

It depends on the bank, unfortunately some are better then others at reading documents. Innovates's advice is good, but may not prevent a problem. Havig already shown them the documentation should hopefully short-circuit any problems.

troubleinparadise

If your sister's estate was administered correctly according to SA laws, any death duties and taxes should have been paid, and therefore no reason why your brother would pay any additional tax on the money due to you.

Indeed, I can't see why the pension monies weren't paid to you directly in the first place; why would the money have been paid to your brother?

jonesMUFCforever

I wouldn't bother to ring the bank in advance - in my experience they will ring you ''because leaving large amounts of money is not safe in a current account'' and can I ''transfer into a savings account for you''? which in turn spells out sales points to the advisor.