Income Support & Inheritance

raschidkha

Myself and each of my children (3) are due to inherit some valuable from a relative that dies recently. We are just waiting for the Will and exceutors to sort out the details. I am on Income Support and claim for myself, wife and 3 children. In total the 4 of us (me & kids) are due to inherit around £4000 in cash and valuables (jewellry, gold bangles, old coins, collectors items & specific antiques). The valuables have been valued (at last valuation about 5 years ago) to have a collective value of around £8500. Obviously the £4k cash and the valuables together takes me well over the I.S. £6k lower saving level. Is this right? Will my income support stop? Can they make me sell the in heritance items? (some has sentimental value).

I am not out to do anything dodgy & have more than i should, but equally i don't want to be forced into doing something I don't want to.

Thanks.

healy

It is the cash that the DWP is interested in not the valuables with regard to capaital limits.

raschidkha

Thanks Healy,

Do i still need to inform the DWP of the £4k (when i get it) despite it being under £6k and my savings will still be under the limit?

So am i right in saying that the DWP CANNOT make me sell the valuables we inherit? But what happens if we CHOOSE to sell some of the valuables? I am not keen on the antiques and got no room in the flat!


Also - is there anything stopping us keeping the valuables but spending some of the £4k and then once we have spent some of the £4k then deciding to sell the antiques one at a time? (i.e. we would remain below £6k in cash?)

kelloggs36

I shouldn't think that the DWP will make you sell anything! The cash, provided you aren't over the limit will also be fine - no harm in declaring it but if you don't have any more it won't affect anything.

kelloggs36

after all, the DSS don't ask what we have in our homes and ask us to sell anything of value, do they? I think you will be fine!!! Enjoy.

raq

i agree with kelloggs36. enjoy it.

if I had this I wouldn't leave it in the bank I would pay off a debt

laurenjs88

Just to bump this, ive inherited £2.5k will this have an affect on my IS? idont think so because my savings are only £2503.52p when i stick tthis cheque in my savings but people are threatening to report me as they are upset so thought i would check?

healy

laurenjs88 wrote: »

Just to bump this, ive inherited £2.5k will this have an affect on my IS? idont think so because my savings are only £2503.52p when i stick tthis cheque in my savings but people are threatening to report me as they are upset so thought i would check?

No it would not affect it, you can have up to £6000 before it is reduced.

laurenjs88

Cheers Healy i won't worry about them then!

LizzieS_2

laurenjs88 wrote: »

Just to bump this, ive inherited £2.5k will this have an affect on my IS? idont think so because my savings are only £2503.52p when i stick tthis cheque in my savings but people are threatening to report me as they are upset so thought i would check?

It will not affect you, but I would declare it. The reason being that anyone reporting you could come out with a much higher figure and your benefits could be reduced during an investigation.

laurenjs88

Yer i might give them a ring today then, hopefully going to go and spoil my gorgeous DD today as its her 1st birthday! so better find out before i go spending it!