We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
UC & Inheritance (for idiots please)
Smalltownhypocrite
Posts: 225 Forumite
I was hoping someone can explain to me how this works, I try to google it but can't get answers to anything it just seems the same non question answering stuff again and again.
The grant of probate has now come through and now I don't understand how or when this is going to effect me.
The plan is to use the money to buy property (beneficial for both us and UC you would think as they currently pay our rent and would no longer need too).
I don't really understand WHEN the money will class as 'mine' and then effect the UC? I don't want to be blindsided when it happens but have no idea if it will be now that probates granted or when the executor collects the estate into one place or is it when something hits my personal bank account?
Also someone I spoke to who was getting divorced and receives UC sold their home and got £80k but also stayed on UC. They showed something from UC saying that they had 6 months to use the money buy a new property before it would effect their UC. Is there anything like that for this scenario?
Buying a house is so confusing and new and I don't even know where to start but I know its a long process. The possibility of losing our ability to cover the rent during that time is really stressful.
0
Comments
-
You declare the money once you receive it from the executor. (But the executor shouldn't delay in paying it once everything is sorted).
With that amount of money your UC will end, You can claim again when under £16K (eg you buy a house).
The rules are different if you have sold a house, if you intent to buy a new home it is ignored for 6 months (can be longer) But this will not apply to you as you won't have sold your home.
Let's Be Careful Out There5
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.8K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 245.9K Work, Benefits & Business
- 601.9K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards
