Large amount of money need to deposit in savings

Shazza3383

I'm jus going to get the parents to speak to their bank at the end of the day I haven't done nowt wrong and can't say what he was claiming nor can the parents because they dont know if he did claim anything but I know of at least 3 jobs he had after we split and his parents said he was about to start another literally days after he died so don't believe benefit fraud was going on. I know his mother did have to go to the bank to close his account so possibly she can get statements.

Glen_Clark

xylophone wrote: »

There is simply not enough information to make a blanket statement that the DWP should be involved.

Of course not. As far as I know nobody has 'made a blanket statement that the DWP should be involved'.
But why did he miss out on interest, and risk losing the cash through fire or theft?
If it was to stop him spending it he could have just given the passbook/bank card etc to his parents for safe keeping instead of the cash.

Malthusian

Shazza3383 wrote: »

I'm jus going to get the parents to speak to their bank at the end of the day

It's not their money, it's yours, so I don't see what their bank could do about it.

I would expect a bank to ask searching questions before they accepted the money but you have perfectly good answers to them.

Ask to speak to the bank's manager and ask them what they would need from you to accept a large deposit in cash. If they won't under any circumstances, try another bank or building society and keep going until you find someone who isn't useless and is prepared to make a decision.

The risk that the DWP or HMRC are going to come after the money is extremely remote. We have no reason whatsoever to believe that the OP's ex was fiddling his taxes. She specifically stated that the money came out of after tax income.

If you're that scared of the prospect, then get the cash deposited and then just leave it for a year and see if you get any phone calls from the Government. The absolute worst case scenario is that DWP or HMRC came along and took all of it, but then you'd be no worse off than you were before you learned of its existence. Oh and the chance of this happening is nil, just to reiterate.

Glen_Clark wrote:

But why did he miss out on interest, and risk losing the cash through fire or theft?

Shazza3383 wrote:

Think its cos he was abit of a pot head

Stuffing your cash into a safe suggests paranoia, irrationality and financial illiteracy. In other words exactly the kind of thing you would expect from someone who smokes too much wacky backy.

I've heard of weirder things than keeping £24k in a safe.

SevenOfNine

I wonder if the parents are claiming benefits which might be affected if they waltz into their own bank & deposit 24K in cash into their a/c. If so, surely THEY may end up the ones who have to explain themselves to DWP?

I wonder if it might be better/possible for the death to be dealt with in a different manner, OP (as his wife) to go through the Letters of Administration process. It's not hard, we've done it without the need of a solicitor ourselves, twice. This sounds an extremely simple estate so anyone with the ability to read can complete the forms.

She can deposit the cash into an executors account explaining that she's applying for LOA & the cash was found at the deceased's property, not kept by his parents, & found when clearing it. Might that result in less questions?

Once OP has the Grant, along with the Death Cert & perhaps her Marriage Cert she can move it to her own a/c as executrix & beneficiary of the estate.

In addition, his mother clearly knows where he banked & closed his account. Barclays gave us hundreds of pages of bank statements going back 6 years for 3 bank accounts (without argument or cost), so she can request the same (it's what DWP make you do if they suspect fraudulent claiming of a deceased person anyway so not a strange request).

That way OP will at least have an income paper trail for this wad of cash, which hopefully WILL look like it came from gainful employment.

This may all be full of holes, if so I'm sure someone will point them out, just some thoughts on options from me.

Glen_Clark

Malthusian wrote: »

Stuffing your cash into a safe suggests paranoia, irrationality and financial illiteracy. In other words exactly the kind of thing you would expect from someone who smokes too much wacky backy.

What all 3 of them?
Why wouldn't one of his parents advise him to put it in an account, instead of putting themselves and the money at risk by keeping it in cash?

Niels_Johan30

You write you never received a penny for maintenance, that sound wrong in my ears.... hmm
Were you two married?

Glen_Clark

SevenOfNine wrote: »

She can deposit the cash into an executors account explaining that she's applying for LOA & the cash was found at the deceased's property, not kept by his parents, & found when clearing it. Might that result in less questions?

Providing she gives a credible detailed explanation of where she found it, and anyone else they question always says the same in every detail .. including her parents and anybody else who finds out anything about it and decides to stick their oar in....and it fits with everything else they know etc
The usual reason for keeping large amounts of cash is for illegal purposes. Thats why its like a red rag to a bull as far as the authorities are concerned. They seem uninterested in people inheriting £10bn tax free, or Royal Hangers on on living in Royal Apartments at a token rent etc. They are far more interested in benefit cheats, and so set up free confidential helplines to report them.
I advise telling the truth.

Malthusian

Glen_Clark wrote: »

What all 3 of them?

Pretty much. Paranoia because it suggests the ex didn't trust the banks to look after his money. Irrationality because putting cash in a safe to avoid the risk of the banks losing it but ignoring the much bigger risks of fire or the parents going on a spending spree is pretty irrational. Financially illiterate because it suggests lack of awareness of the Financial Services Compensation Scheme, loss of interest and any number of reasons why people like us would point out that putting £24k worth of cash in a safe is a bad idea.

Why wouldn't one of his parents advise him to put it in an account, instead of putting themselves and the money at risk by keeping it in cash?

Because they aren't as savvy as us? Because they were glad that their son was taking some financial responsibility and didn't want to risk the possibility that if they refused to take the cash and told him to go to a bank, he'd change his mind and spend it?

They seem uninterested in people inheriting £10bn tax free

The Duke of Westminster has not inherited money "tax free". The £10bn you refer to is in a discretionary trust and subject to periodic inheritance tax charges among other taxes. It is true that there wasn't a charge to Inheritance Tax when the late Duke died but that's for the same reason HMRC didn't levy an Inheritance Tax charge on your savings when the Duke died, because it wasn't his money. HMRC aren't interested because they already get their due every ten years plus whenever the trust receives income or disposes of gains.

Shazza3383

The parents own their own home and work and not in receipt of benefits. I didn't have nothing to do with the man or his family after we split long story not nice situation only on his death bed was I inform as I was legally married and had to give consent for stuff. This is when the family apologised for their behaviour after what had happen and been trying to make it up since and was happy that during their grief they got to meet their grand daughter who brought a bit of happiness at a sad time. No one knows if he claimed any type of benefits even if he did u can still have up to 16,000 savings before it would stop completely they jus deduct a pound for every 250 over 6,000 if ur entitled to benefits so y not keep at least that much in his account as I said he told them he wanted to save and didn't want to get tempted. We know he was abit of a pot head, he had been suffering with depression and had a bad relationship wiv his current gf at the time although she said they were together but he told his parents they weren't, they had 2 kids together who got took away and place in adoption. He took his own life in front of this girl by hanging himself although ambulance brought him back he wasn't really there and all organs were failing he then died 10 days later. Maybe he left money at theirs for this reason to leave to his parents without them knowing what he been planning we jus don't know but they want to give to me. As far they aware he was working and saving it at theirs other than that there's nothing to go on. Either the parents try their bank or we get statements from bank to mayb prove where he had money comin from if all fails suppose we have to speak to someone professional.

Glen_Clark

Shazza3383 wrote: »

.......his current gf at the time although she said they were together but he told his parents they weren't, they had 2 kids together.......

Now we are getting somewhere.
What else haven't you told us?
I advise you to be honest with the authorities, because you won't be able to keep it from them, or his other dependants, like you have kept it from us.