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My Late Mum's Will-Worried My Solicitor might Keep My Money-Please Advise Me. - Page 3

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My Late Mum's Will-Worried My Solicitor might Keep My Money-Please Advise Me.

edited 16 July 2016 at 1:06PM in Deaths, Funerals & Probate
109 replies 21.5K views
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  • SystemSystem
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    Afinancial adviser would not just tell you how much money you will get, he/she will advise you on how best to invest it so that you get the best return for your money. Also, any money from the estate will have to be released by executors, not from your solicitor, so if they refuse that may not be an option.

    I have already talked to my bank and they have told me about what accounts I can have that pay a higher interest.
    And I already know what my expended will be once I get my money and my benefits stop. So I don't need a financial adviser.

    My mum's will clearly states that my mum has left her house and assets to me and my 2 sisters. And that the money and estate and any money from it is to be divided up between me and my sisters. We each inherit a third of my mothers estate and a third of mum's money. So there is nothing that my sisters can do to stop me getting my share of the estate and monies because mu mum has left it to the 3 of us and the will says we each inherit a third.
    So each sister including me gets the same.
    That's why I have a solicitor to make sure I get my share of what I am entitled to as the terms of mum's will.

    Please don't jump into anything without getting advice from either your social worker or someone similar. You have a large chunk of money coming to you, don't make any decisions before you have all the facts.

    I have thought about it carefully and I have made my decision.
    When I get my inheritance I am leaving my HA flat and that is that.
    I have also what my expenses will be and how many years that money will last me before eventually after 10 years or so. The money will run out because I will have to live off of it.
    Then I will have to go back on benefits again when it does.

    So there that is going to happen one day whether I stay here and pay the £608 a month rent for my HA flat. Or I move up North and rent for £368 a month.

    Obviously if I move up North my money will last me longer because my rent won't be so much. But eventually it will run out and I will have to go back on benefits again. Because the money is not enough to last me a lifetime.

    And I am certainly not going to stay here and pay that £608 a month rent to my HA.

    1- My HA are not worth it because they are not maintain the property or giving me the service I want. And I don't want to stay here.

    2-I don't want to pay or of that money to them in rent and eat up my inheritance quickly in a few years. When I can have a flat up North for £360 or even £400 a month and save myself 2 thousand pounds a year in rent.
    And moving up North is what I want. And even if I did not like where I moved to or the landlord sold the property.
    I would never be homless with 90 thousand pounds in the bank Because I could simply rent another flat.
    Or I might even be able to buy a flat upfront for 50k as I have seen one bedroom flats for that in Liverpool on the Right Move.

    Though I am not sure if I can because the DWP could see that as intentionally depriving myself of capital.
    Which could disqualify me from getting benefits in the future.
    Because the DWP expect you to live of your capital then when your savings fall below 16 thousand pounds you can aply for benefits and HB again.
    But only when your savings drop below 16k.
    So if that's the case I will have to rent. But renting will give me at least 10 years or a bit longer in which I could live off of my money-Before it runs out and I have to claim benefits again.

    So I have at least 10 years in which to make a new life for myself. And I don't mean staying here in London with my HA and being miserable for the rest of my life.
    NO WAY.
    The money is a chance to get out of here and make my life a better one and I am going to take it.
    Also if you do try to move to private renting whilst still on benefits, bear in mind that many private landlords now won't take tenants on benefits!

    That is correct.
    A lot of private landlords don't take DSS or HB.
    Some do but they want a huge deposit but a lot don't.
    So it would be better for me to wait until I get my money from the house. If I can stand it here that long.
    As I don't know how many months it will be before the house is sold and I get my money.
    It could be months or even a year. I don't know.

    But when I get my money from the house I won't be on Housing Benefit because that will stop and so will my ESA when my money comes though.All my benefits will stop except for DLA(I think-but that may stop as well but I am not sure about DLA-if or not it is effected by savings.) Because if your savings go to 16 thousand pounds you are not entitled to ESA or Housing Benefit.


    And you won't get HB or ESA or Council Tax Benefit again, until your savings fall below £16000.

    And even then you only get reduced benefit for every amount of savings you have over £6000.


    So I would not get my full HB or ESA reinstated until my saving fell below £6000 again.
    Which would not be for a very long time.
  • Savvy_SueSavvy_Sue Forumite
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    DLA is not affected by savings.
    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
  • p00hsticksp00hsticks Forumite
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    Savvy_Sue wrote: »
    DLA is not affected by savings.

    Although DLA is being phased out and those on it will be invited to apply for PIP in the near future.
  • MojisolaMojisola Forumite
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    annbarbs wrote: »
    Or I might even be able to buy a flat upfront for 50k as I have seen one bedroom flats for that in Liverpool on the Right Move.

    Though I am not sure if I can because the DWP could see that as intentionally depriving myself of capital.

    Which could disqualify me from getting benefits in the future.

    That isn't a problem. If you use your capital to buy somewhere to live, it isn't seen as deprivation of capital.
  • SystemSystem
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    p00hsticks wrote: »
    Although DLA is being phased out and those on it will be invited to apply for PIP in the near future.
    Yes that's true.
    DLA has been replaced with PIP and eventually I will be reviewed for that.
    But PIP is not effected by savings either. So as long as I have the care needs I would be entitled to PIP.

    But all my other benefits will stop except for DLA or PIP because my savings will then be over £16000 when the house is sold and my money comes through.
  • edited 19 July 2016 at 9:02PM
    SystemSystem
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    edited 19 July 2016 at 9:02PM
    Mojisola wrote: »
    That isn't a problem. If you use your capital to buy somewhere to live, it isn't seen as deprivation of capital.
    Not sure about that. I was told by my solicitor that if I did not sell the house the DWP could see that as a voluntary deprivation of capital which could disqualify me from benefits. And if I refused to take the money from the sale of the house that too is intentional a deprivation of capital.

    I think if the DWP expect you to live off of your capital and any savings the DWP limit. So If I bought a flat that could be intentionally depriving yourself of capital.

    I think I should ask the DWP first if I want to buy a flat(when I get my inheritance, about this. If the DWP say that using my savings to buy a flat would mean a deprivation of capital then I cannot do it.

    I was told once by the DWP disability helpline that if you have savings over £6000 and you deliberately spend them to get your benefits back. That is internationally depriving yourself of capital and they could refuse to re instate your benefits.

    So maybe using the money to buy a flat is the same thing.

    And I am not sure if DLA and PIP will be effected if my savings were over £16000.

    Of course when I get my money from the house I will have to tell all of the DWP benefit offices that pay my benefits including the DLA office and Housing Benefit.

    I know that my ESA, Housing Benefit and Council Tax Benefit will stop when I get my inheritance.

    But I am not sure about my DLA. My DLA might also be effected by savings and be stopped the same as my other benefits will be.
    But I am not sure if DLA and PIP is effected by savings or not.
    Maybe it could be but I don't know.
  • DLA and PIP are not means tested.
  • MojisolaMojisola Forumite
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    annbarbs wrote: »
    So If I bought a flat that could be intentionally depriving yourself of capital.

    I think I should ask the DWP first if I want to buy a flat(when I get my inheritance, about this.

    Get it in writing from them but at the moment it not considered deprivation.
  • edited 20 July 2016 at 7:11AM
    SystemSystem
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    edited 20 July 2016 at 7:11AM
    DLA and PIP are not means tested.

    That's what I thought and it says on the DWP website that they are not.

    But when I get my money I will still tell the DLA people just in case it is. And I have to tell all of the DWP offices I get my benefits from when the money from the house gets paid to me anyway.
    It is the law that if your savings go over £6000 or more, you have to tell the DWP and any other benefit office if you are on other benefits such as Housing Benefit and Council Tax Benefit,as well as the ESA department and DLA Office, if that happens.

    Mojisola wrote: »
    Get it in writing from them but at the moment it not considered deprivation.
    That's a good idea but the decision maker who I write to could say that it is.

    If the DWP say that then I will have to rent. Because the money mum left me is not enough to last a lifetime. And after about 10 years it will run out and I will have to claim benefits again.

    If I had been and only child and my mum left the whole of the house capital of 280k to me that would have been different. As that could have lasted about 30 or 40 years so I would not have has to claim benefits again.

    But my mum has left the house to me and my 2 sisters so I can only inherit a third of whatever the house gets sold for. Which is 93k and a third of the 77k of mums saving that is 25k. Which is 118k in total I will get.
    But that won't last me a lifetime, it will run out after so many years be it 10 or 15. And then I will have to go back on benefits again.
    Which is a shame.

    Also it might not be enough to buy a place. As I will of course have to pay my solicitors fees and a third of the estate agents fees out of my share of my inheritance, the same as my sisters will have to pay for their solicitors and the estate agent.
    So I and my sisters could take home less than 100k because we each have to pay our third of estate agents fees and any solicitors bill we have.
    So I might not have enough money from my inheritance to buy a flat.
    That is a possibility.

    As for buying a flat,because as I am not working I would not get a morgage. And my benefits will stop and I will have to live off my savings and that money is not enough to pay back a morgage over 25 years which is the standard thing.

    So I would only be able to buy a flat upfront for the full amount.
    I have seen one bedroom flats for sale in Liverpool for 70 thousand pounds. But that will eat up most of my inheritance. Leaving me with only about 40k which would only last me about 5 years. Then I would have to go back on benefits again when the money runs out.


    As someone else said it's a shame that my mother has left me all of that money but I have got to spend it all on daily living until it runs out.
    Yes it's good that my mum loved me enough to leave me something.
    And that money will give me my independence fro the DWP for a while.
    But in a few years time when it runs out I will be back on benefits again like I am now.
    That's real bad luck.

    If I was able to work then that money would not run out as I would have money coming in. So would not have to eat into my inheritance or much of it.

    But my benefits will stop so I will have to live off of my savings. And it won't last me a lifetime unfortunately.
  • cheskychesky Forumite
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    No, pretty sure Mojisolo is correct about buying somewhere to live. But agree you do need to be sure about things like this before you make decisions. Which is why I mentioned MIND in my previous post. Do you have a local branch?
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