Inheritance

Mickey666

tompkin555 said:

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.

What does ‘could be a chance’ mean?  If the person is still alive, though ill, and you’d rather the money went to someone else (your single dependent, for example) then could you ask the person to change their will accordingly?  

If they have already died and left £70k to you in their will then you have already inherited it, you just have not received it yet.

If all the beneficiaries agree, a will can be changed after death, but as pointed out if you choose to renounce an inheritance then the benefits people will still act as if you did receive the money.

elsien

Deprivation of assets is only an issue if you work really hard to either give the money away, or to spend it as quickly as possible on round the world trips, flash champagne etc to get rid of it as quickly as possible.
It is ok to use the money on normal activities - holiday for the kids, replacement furniture, car (as long as it's a sensible price and not a top of the range Morgan), debt repayment if applicable -  all the stuff that you would normally spend. You are not expected to live on the inheritance as frugally as you  have to live on benefits. 
Then if your circumstances haven't changed and you're still not able to get back to work then put in another claim. Just keep a rough tally of where the money has gone and keep receipts for the bigger items, in case someone asks. Which if you've not spent it all on wine, women and song, and burned through it in a year, they probably won't.

tacpot12

"I spent a lot of money on booze, birds and fast cars. The rest I just squandered." George Best.