Inheritance

ABoyBrushedRed

missbiggles1 wrote: »

If over 16k it'll stop, between 6k and 16k reduce on a sliding scale, below 6k no effect on benefits.

How much is the house worth?

I don't know but i am assuming it will worth more than 16k if his benefits will be affected. I will need to chase this up as he mentioned he won't really know until the probate has been finalized.

Is this original value when it was 1st bought or current value?

missbiggles1

ABoyBrushedRed wrote: »

I don't know but i am assuming it will worth more than 16k if his benefits will be affected. I will need to chase this up as he mentioned he won't really know until the probate has been finalized.

Is this original value when it was 1st bought or current value?

Current value.

Keep_pedalling

How well off are your freind's brother and sister? Quite clearly your freind cannot afford to own a share of a house (s)he is getting no financial benefit from. If they want to keep it the only fair thing to do is buy your freind out, and if that is not possible it would need to be sold unless their mother had other assets that your freind could inherit as a swop for his share of the house.

Mojisola

ABoyBrushedRed wrote: »

Rather than refuse can he not just give his stake to his siblings under something like financial difficulty?

But once the inheritance arrives and he can live off the capitol? Will his benefit stop or be reduced?

He can't give away an inheritance and still claim means tested benefits.

If he is able to get cash instead of a share of the house, any means tested benefits could be affected, depending on how much the inheritance is. Capital between £6k and £16k will reduce his benefits; over £16k and the means tested ones will stop.

Mojisola

ABoyBrushedRed wrote: »

"In about a month all 3 of us will inherit my late mum's house in Bradford.

I've been to Citizens Advice Bureau in Manchester. I've been told I'll only be entitled to Disability Living Allowance, which I get already, about £320 a month."

Do you know what the siblings are planning to do with the house?

If the house is put on the market, isn't its value ignored for six months to allow for a sale?

ABoyBrushedRed

Keep_pedalling wrote: »

How well off are your freind's brother and sister? Quite clearly your freind cannot afford to own a share of a house (s)he is getting no financial benefit from. If they want to keep it the only fair thing to do is buy your freind out, and if that is not possible it would need to be sold unless their mother had other assets that your freind could inherit as a swop for his share of the house.

They are not in any positive financial position either. I been told they are both unemployment and have no money to them

ABoyBrushedRed

Mojisola wrote: »

Do you know what the siblings are planning to do with the house?

If the house is put on the market, isn't its value ignored for six months to allow for a sale?

Vaguely they want to gain money from it but my friend who i am mainly concerned about will not be planning to live in it simply because of the house being in a location different to where he is living now. Add on the fact that my friend is not on good terms with the siblings, hoping to live in the property would not be in his best interest. I think selling the house would be good for his situation but if the other 2 siblings don't want that, it makes it trickey

missbiggles1

ABoyBrushedRed wrote: »

Vaguely they want to gain money from it but my friend who i am mainly concerned about will not be planning to live in it simply because of the house being in a location different to where he is living now. Add on the fact that my friend is not on good terms with the siblings, hoping to live in the property would not be in his best interest. I think selling the house would be good for his situation but if the other 2 siblings don't want that, it makes it trickey

If the other 2 siblings are claiming benefits, they'll be in the same situation as he is so they'll need to sell as soon as possible.

Mojisola

ABoyBrushedRed wrote: »

They are not in any positive financial position either. I been told they are both unemployment and have no money to them

ABoyBrushedRed wrote: »

Vaguely they want to gain money from it but my friend who i am mainly concerned about will not be planning to live in it simply because of the house being in a location different to where he is living now. Add on the fact that my friend is not on good terms with the siblings, hoping to live in the property would not be in his best interest. I think selling the house would be good for his situation but if the other 2 siblings don't want that, it makes it trickey

Won't they be the same position as him regarding benefits?

They may have dreams of making a mint as LLs but it doesn't sound possible in their position.

If they agree to let the house be sold as a probate sale, their benefits won't be affected until they actually get their cash inheritance when they won't need them anyway.

ABoyBrushedRed

Mojisola wrote: »

Won't they be the same position as him regarding benefits?

They may have dreams of making a mint as LLs but it doesn't sound possible in their position.

If they agree to let the house be sold as a probate sale, their benefits won't be affected until they actually get their cash inheritance when they won't need them anyway.

Yeah i guess but my concern is defending my friend and not the other siblings