Receiving a gift of money after death

burlingtonfl6

AskAsk said:

burlingtonfl6 said:

AskAsk said:

if the money belongs to the deceased, arguably it should be part of the estate for inheritance sharing.  if you put more than 10k of cash into a bank account, you will be asked where the funds come from and the bank may alert HMRC for money laundering or proceeds of crime.  the amount could be less than this for the bank to question the origin of the cash.

certainly putting this much cash into a child's account would raise enquiries.

HSBC asked me to supply an invoice for a mountain bike I sold on ebay when I tried to put the cash in my account. It was just over a grand!

i did say that the bank could ask about the source of the cash for amounts less than 10k.  it all depends on your activity history as unusual transactions will start off the automated fraud process and so if you have never put much cash into your account before then you may be asked as why the unusual activity, but if your account is normally credited with cash, then they won't ask as it is not flagged up on the system as unusual and that a manual check is needed.

10k is the amount that would definitely alert the system, irrespective of your activity history.  i often credit my bank with cash so it never gets flagged up.  the most i have put in is £3k in any one transaction and it was never queried.  my husband did try to credit his bank account with 7k once and they asked him where he got the money from, but when he explained where the money came from, they were fine.  that was HSBC.

Sorry, I was agreeing with you. Came across wrong

justworriedabit

We sold a car a few years ago and the seller insisted cash - it was a few hundred short of 7k. At the time we had a building society and we'd been registered with them for years and were paid it cash those days so nothing happened that we know of.
Your grand MiL may be in shock. She needs time to digest what has happend, especially if it was sudden.
Then, you all need to consider other family, close family.
Even if a ban asks questions, push to come to a shove, there will be some type of trail there, EG, your grand FiL got paid in cash and he saved 50 quid a week under his mattress, so this is not a worry.
Good luck.