Selling a house and buying another while on benefits, advice needed

Pompeyfan

racon wrote: »

I'm sorry for your loss.
How have you managed to do all of that in the past 5 days since his death. You must be a very strong willed person for which I admire you.
I'm a bit confused, has your late father's estate been wound up?

thanks, I'm finding it better to do things to keep my mind off things plus dad has been ill a while and it was expected. It hasn't been wound up yet.

cte1111 wrote: »

I think you've been a bit sharp with people racon. Many people find a good way to get through the initial grief is to deal with the practicalities ASAP. I know when we were bereaved, the day after I was sitting down with my relatives working out who would do what to start sorting out the estate.

My husband found this a bit quick but it's the way we cope with emergencies, by getting on with arrangements and the grief might well hit later. I still grieve for my late Aunt, the phone rang earlier and for a second I thought it might be her so it doesn't mean that people don't care, just that we all cope differently.

That's what I'm doing.

cte1111 wrote: »

Pompeyfan - well done for losing so much weight already and also for dealing w.ith your Dad's death so far. I hope everyone's posts have helped you and you continue to post on here, if there is anything else that people can maybe help explain.

Cheers

cte1111

racon wrote: »

Can I please clarify for the sake of others. The £200K should NOT have been in your account in the first place. The money belonged to the estate for which you were the executor. You should have opened a separate bank account.
Any money coming from an estate to a beneficiary is NOT the beneficiaries money until the estate has been wound up.

I disagree, it is acceptable for money from winding up an estate to go into and out of the executor's own bank account. It is important to keep exact records on all of it and to make sure that it is distributed correctly, but it is not imperative to open an executor's bank account. All the advice guides will say that it is a good idea, as it can ensure that money is kept separate, however there is no compulsion to do so.

I've done probate for 3 relatives in the last few years. For the first one, we did open an executors' account but found that creditors were sending out cheques in my name (as I was the one contacting them) so it became pretty much redundant. For the other 2, I used my own accounts, but kept a spreadsheet record.

The government agencies, pension companies, banks and all other creditors were happy to pay me (one of the executors) directly, once they had received a copy of the probate certificate. I find it hard to believe that they would have done so, if it were illegal.

seismic99

The house is valued at £245-£260k, but does need some work so I doubt I'll get that for it, and the bungalows are £190-£210k, so I reckon I'll have £20-£30k difference to cover all the selling fees, moving costs, surveyors, wet room, stamp duty and other expenses, if I'm lucky, but if I lose my benefits I'll need that money to live on.

Looks like you still might have >20K in the pot when you are all finished and done. If that's the case then surely you won't be eligible for any benefits? Would it be in your interest to maybe buy a slightly more expensive property so you have no surplus of cash and continue receiving full benefits?