Inheritance

tompkin555

I am unable to work due to ill health.
Im a single dad with one dependant and on ESA and Child Tax credits.
Their could be a chance i am about to inherit around £70000.
Would i lose every bit of my benefits including things like housing benefits if i was left this money.

Keep_pedalling

You might be better off asking this question on the benefits board, but it would certainly lose you all means tested benefits such as housing benefits.

Savvy_Sue

But if this money is left to you, you can't renounce / turn it down, or you will be treated as if you had the money. 

Mojisola

tompkin555 said:

I am unable to work due to ill health.
Im a single dad with one dependant and on ESA and Child Tax credits.
Their could be a chance i am about to inherit around £70000.
Would i lose every bit of my benefits including things like housing benefits if i was left this money.

Any means tested benefits will go.  If you have health-related ones, they won't be affected.

You can use some of the money to improve your life - replacing old furniture, carpets, white goods and stuff like buying a car, having a holiday, etc.  Keep your purchases to reasonably priced ones so that you can't be accused of deliberately spending it in order to claim benefits again. 

elsien

Don't panic. £7000 will only just take you over the 6K threshold if you have no other savings. So it is more likely that means tested benefits would be reduced rather than stopped,  and reinstated once you're back down to 6K.
More information here.
https://www.moneyadviceservice.org.uk/en/articles/how-do-savings-and-lump-sum-pay-outs-affect-benefits

But do check on the benefits board with regards to your specific circumstances.  

Savvy_Sue

elsien said:

Don't panic. £7000 will only just take you over the 6K threshold if you have no other savings. So it is more likely that means tested benefits would be reduced rather than stopped,  and reinstated once you're back down to 6K.
More information here.
https://www.moneyadviceservice.org.uk/en/articles/how-do-savings-and-lump-sum-pay-outs-affect-benefits

But do check on the benefits board with regards to your specific circumstances.  

Their post said £70,000 not £7,000 - either that or I need to drive to Barnard Castle ... 

elsien

Whoops, sorry. Should've gone to Specsavers.

mobileron

If you have £70,000 in the bank why would you need any benefits.Get the money and then spend and reclaim the benefits or give to some old OAP who needs it.

tompkin555

mobileron said:

If you have £70,000 in the bank why would you need any benefits.Get the money and then spend and reclaim the benefits or give to some old OAP who needs it.

Perhaps you misread the Question.
I need to be ready to declare my inheritance and need as much advice as possible on my future income.
The information you have given me could see me in serious debt in years to come. 
If i spend it too fast i cannot reclaim any benefit whatsoever because they class it as i should still have it, and i 
certainly won't be giving away my late fathers very hard earn't money.
As for being on benefits i would love to be back out working like i always did before serious illness took hold of me.

xylophone

As I understand it, means tested benefits have strict capital limits.

In effect, your inheritance would become a replacement for your benefit income until such time as you had spent down to the amount which would allow you to claim again.

Owain_Moneysaver

Mojisola said: You can use some of the money to improve your life - replacing old furniture, carpets, white goods and stuff like buying a car, having a holiday, etc.  Keep your purchases to reasonably priced ones so that you can't be accused of deliberately spending it in order to claim benefits again.  

If applicable (and of course depend on where in the country, because of house prices) it is possible to use the money to buy a house with. If currently in rented property (especially an insecure private sector tenancy) that would not usually be regarded as deprivation of capital.