Children's savings and parents benefits

ChilliBob

It seems I've got the wrong end of the stick for situation 1, which I'm actually not very close to. Her ability to save in this way is due to help from another relative of hers or something, so yeah, I don't really know enough detail to take this further. The 6k side of things is useful though.

I know the second situation a little better as I'm closer to it. Essentially it was my aunt who passed away - we found it was her intention to give money to these people as we did find a will - unfortunately she didn't sign/complete it etc. Clearly we don't know for *certain' that's what she wanted as she didn't sign, but it's our best guess. 

wilfred30

ChilliBob said:

It seems I've got the wrong end of the stick for situation 1, which I'm actually not very close to. Her ability to save in this way is due to help from another relative of hers or something, so yeah, I don't really know enough detail to take this further. The 6k side of things is useful though.

That's convenient.  Nevertheless, getting money from a relative is allowed within the rules as far as I'm aware.

poppy12345

ChilliBob said:

It seems I've got the wrong end of the stick for situation 1, which I'm actually not very close to. Her ability to save in this way is due to help from another relative of hers or something, so yeah, I don't really know enough detail to take this further. The 6k side of things is useful though.

I know the second situation a little better as I'm closer to it. Essentially it was my aunt who passed away - we found it was her intention to give money to these people as we did find a will - unfortunately she didn't sign/complete it etc. Clearly we don't know for *certain' that's what she wanted as she didn't sign, but it's our best guess. 

With there not being a signed will then that could potentially cause issues. It’s easy to say give it to the children because it will affect my benefits. 

ChilliBob

Yep, indeed it is but I guess that's often a benefit of family. I know my auntie used to give me 20 quid when I went on holiday as a nipper or would get me some new trainers if my Mum was short of funds!

ChilliBob

poppy12345 said:

ChilliBob said:

It seems I've got the wrong end of the stick for situation 1, which I'm actually not very close to. Her ability to save in this way is due to help from another relative of hers or something, so yeah, I don't really know enough detail to take this further. The 6k side of things is useful though.

I know the second situation a little better as I'm closer to it. Essentially it was my aunt who passed away - we found it was her intention to give money to these people as we did find a will - unfortunately she didn't sign/complete it etc. Clearly we don't know for *certain' that's what she wanted as she didn't sign, but it's our best guess. 

With there not being a signed will then that could potentially cause issues. It’s easy to say give it to the children because it will affect my benefits. 

Tell me about it - both my aunt and uncle passed away in late 2019, the lack of will for either of them has cause my Mum (executor of the will) untold stress and problems to try and sort out

MovingForwards

2, there's no age limit with DOV so the younger one can be included, but can't access it until of age. Parents just need to open an account for the 13 year old and stick the money in, although at 13 the kid can probably open a useful account for themselves.

calcotti

ChilliBob said: Her ability to save in this way is due to help from another relative of hers or something.

In which case it would be better for the relative to pay the money straight into the child accounts. That removes ambiguity.

ChilliBob said: I know the second situation a little better as I'm closer to it. Essentially it was my aunt who passed away - we found it was her intention to give money to these people as we did find a will - unfortunately she didn't sign/complete it etc. Clearly we don't know for *certain' that's what she wanted as she didn't sign, but it's our best guess. 

If a person claiming benefits is set to inherit money from a will and then writes a deed of variation to surrender their inheritance to somebody else that will be deprivation of capital for benefits purposes.

ChilliBob

MovingForwards said:

2, there's no age limit with DOV so the younger one can be included, but can't access it until of age. Parents just need to open an account for the 13 year old and stick the money in, although at 13 the kid can probably open a useful account for themselves.

That's very useful to know, and different to what we thought cheers. Saves the 13 year old spunking it on XBox coins or something!