Large amount of money need to deposit in savings

Shazza3383

Ok nothing dodgy going on but my ex died last year but he was giving his parents money each month to put aside in their safe so he couldn't spend it was saving up for a car and supposedly putting money aside for our daughter although I never received a penny for maintenance think it was jus something he told his parents or them telling me he was saving for his daughter to make him out to not be so bad! Anyway they have around 24000 in cash from him. When I said I'm looking to get a mortgage so can get the kids a forever home which is very important seeing they all disabled they now told me about the money which I had no knowledge of and would like to give it to me to help towards deposit for a mortgage. But how on earth do I explain 24000 in cash!!! I receive widow parent allowance and have his death certificate so I have proof of his death but he never left a will. What do I do? I'm gonna look like some drug dealer lol

Lloyd90

Get them to sign over saying its from him ?

If someone saved a few quid every week over many many years they are often left with huge amounts of cash, a lot of elderly people are in such positions.

Maybe you should speak to CAB ?

Shazza3383

Yea think I will get a covering note from them plus the fact I have a copy of his death certificate and they can see I get widow payments for his kid I would thought be ok just wanted to see what others would suggest. I know banks have a rule over certain amount they could count as money laundering and didn't wanna have that problem but from my understanding he been saving 100 a week for over 4 years before he died. He was only 29 at the time of his death had no will. They gave his car to his friend which was ment to be abit of a banger and have only jus mention the money wen I said about a mortgage. Jus was worried I look like some drug dealer with that sorta cash and may get police or someone involved.

imho

I think you need to post in this section.

http://forums.moneysavingexpert.com/forumdisplay.php?f=139

grey_gym_sock

is this cash earnings which he didn't pay tax on?

Shazza3383

No I believe this was wages after being taxed so would take out the bank and give to his parents to put aside so wouldn't be tempted to spend. Think its cos he was abit of a pot head and also didn't want his gf spending all his money. I think at some point he was on benefits after we split but wasn't putting as much away at the time but when he started working was putting more away. I presume he must have been doing work officially on the books paying tax because I recieve widow parent allowance which they said I get as I have a child by him and we weren't divorced. They say the amount depends on tax he paid so he must have been paying something and the last job he had was in London on a building sites.

Malthusian

Explain £24,000 in cash to whom? He gave a gift to his parents, which is free of tax. (Even in the stonkingly unlikely event that his estate was big enough to pay Inheritance Tax on, it doesn't matter as gifts out of regular income are exempt from Inheritance Tax.) His parents are giving a gift to you, which is also free of tax. Nothing to explain or worry about at all.

The mortgage lender will be more interested in whether you have enough income to make the monthly repayments than where your deposit came from. If they do ask where it came from you have a perfectly good explanation (gift from parents of late husband).

The Widowed Parent's Allowance is based on the late spouse's National Insurance contributions, so you are probably correct that he was paying tax properly. Although being on benefits often credits you with National Insurance contributions.

Shazza3383

Ok thanks for that just was worried about walking in with that sort of cash and not a check it mite look odd and would consider something dodgy going on especially when they have a rule in place about money laundering and anything above 5-10,000 and because there is no will left to prove where the money came from. Like I said I have documents about his death and the bank can see I get widow parent allowance would thought be straight forward as makes obvious sense but large amounts tend to flag up something seems off and a friend got me worried saying old bill get involve and tax etc if I deposit that sort of cash. I jus didn't want the headache when I haven't done nothing wrong and is simply a cash gift from his parents that he put away for himself. I haven't got the money yet but will soon when they come to visit. The mortgage side is another thing altogether lol

TheShape

I would be surprised if walking into a bank with £24k in cash won't trigger some kind of money laundering alert.

If this cash is indeed in bank note form, will they all be current bank notes? I can't remember the last time (apart from the new £5) that new notes were issued.

From the first post it appears this cash belonged to the deceased, not his parents.

I imagine that this 24k should have been itemised as part of the estate of the deceased for IHT and or probate purposes. The executor would then be able to show where this money had come from and was paid to.

Malthusian

TheShape makes a good point. It isn't 100% clear whether your ex gifted the money to his parents, or whether it was still his money and only in their safe for, er, safekeeping. If the purpose of giving the money to his parents was to buy a car that suggests it still belonged to him. If it was his money then it should have been dealt with as part of his estate.

Who received his assets when he died?

alanq

Malthusian wrote: »

Who received his assets when he died?

Shazza3383 wrote: »

he never left a will.

As there was no will, his wife should have received all of them.