Inheritance while on benefits

MikeJO

xylophone wrote: »

Would you be able to use the money to buy in care for your wife so that you would be able to work part time?

Sadly not, part of her disability is mental and there's no way she'd accept a "stranger" in the house. I can leave her for two/three hours at a time though so it may be that I can work sixteen hours a week (which I understand I can while on Carers Allowance) if I can find something.

MikeJO

Sillym00 wrote: »

If your wife is claiming PIP this can continue completely legitimately since it's not means tested.

Yes she is and, as I said in the previous post I get CA which we'll also keep, so that'll help obviously.

Many thanks to everyone for the detailed responses, I've got a lot of research to do.

MikeJO

Just another thought, is it worth me going to a financial advisor? Would the cost involved be worthwhile as I'm (obviously) a total novice in this situation, or can you good people talk me through it?

atush

Glen_Clark wrote: »

Doubt if that will do better than best buy retail savings accounts, and sounds awful complicated for an amateur investor on the offchance of making a few quid that will go on loss of benefits anyway.
I agree with the rest of your reply though.

Much more complicated for an amateur to set u a number of current accounts with Direct debits going an and out.

atush

MikeJO wrote: »

Just another thought, is it worth me going to a financial advisor? Would the cost involved be worthwhile as I'm (obviously) a total novice in this situation, or can you good people talk me through it?

I would think, as you will be using up this money in a period of 5-10 years, an IFA may not be worth the cost.

But a trip to the CAB or other benefit advice agency might.

Malthusian

MikeJO wrote: »

Just another thought, is it worth me going to a financial advisor? Would the cost involved be worthwhile as I'm (obviously) a total novice in this situation, or can you good people talk me through it?

Without a change in your circumstances I would say not. If you'd inherited twice the amount I would say yes, but at the rate you will be spending it, trying to make your money grow is unrealistic - you are only going to be trying to stretch it out as long as possible. There is not that much an IFA can do in exchange for his fee.

MikeJO

Thanks again; I've already been to the CAB to find out what I can and can't do regarding deprivation of capital (like upgrading the car, modest holiday, fridge/freezer, washing machine etc) but they weren't very helpful on getting the best out of the lump sum; this place has been much more useful.

soulsaver

Whilst I also commend the 'not wanting to have my cake and benefits', I'd investigate what options you can legitimately use the inheritance for without impinging on current means tested benefits, if any.
Remember that some benefits you may lose maybe can't be claimed (replaced) after state pension age. Or affected by political decisions in the interim.
CAB seems a good place to start, as said earlier.

Sun-Is-Fun

I know you say you can't afford a 'house' in Devon, but is there anything like a house you could buy outright and live in it to avoid paying high rent a month? e.g. log cabin, new static caravan, that would be yours. The rent you will be paying would reduce your capital in no time.

susieb

mjfp509 wrote: »

I know you say you can't afford a 'house' in Devon, but is there anything like a house you could buy outright and live in it to avoid paying high rent a month? e.g. log cabin, new static caravan, that would be yours. The rent you will be paying would reduce your capital in no time.

I agree with this, might be worth looking into if you can find something to suit your needs with 12 month residency and close to your existing support network.
Disadvantage is costs of buying and or selling if ever needed, and responsbility for repairs.
Advantages, you keep an asset, arent at the beck of a landlord who may at anytime make you move if he wants etc.