Intestacy and Letters of Administration

RAS

So also reiterate that regardless of what they want to do, if any of the beneficiaries are in receipt of means-tested benefits, they can't refuse or surrender an inheritance. DWP might not find out for a while, but do they want that in the back-ground?

Even that bank account should have been distributed in line with the laws of intestacy, so the resident grandson was entitled to 1/9th of the value. None of the portions of that account would necessarily trigger a DWP issue ATM, but they all need to take advice and understand the risks to themselves.

Aristotle67

Flugelhorn said:

elsien said:

Are they also all willing to pay for the property to be insured and maintained? And if the son has no income, he can’t just spend all of dad‘s cash on himself, so can he afford to run the house on his own? They really need to think this through properly. 

good point - he needs to realise the costs of running a place and that Dad is no longer around to fund this and he can't really expect the rest of the family to do it 

That is indeed a good point. I am going to see him this morning and shall put this point, inter alia, to him. Thanks.

Aristotle67

RAS said:

So also reiterate that regardless of what they want to do, if any of the beneficiaries are in receipt of means-tested benefits, they can't refuse or surrender an inheritance. DWP might not find out for a while, but do they want that in the back-ground?

Even that bank account should have been distributed in line with the laws of intestacy, so the resident grandson was entitled to 1/9th of the value. None of the portions of that account would necessarily trigger a DWP issue ATM, but they all need to take advice and understand the risks to themselves.

I don't believe any of the family are in receipt of benefits; certainly not the grandchildren.   

I have advised that the bank account has to be distributed according to the rules on intestacy; the funeral expenses will come out of it first, of course. I shall reiterate that this morning. I am hoping this will be my last discussion with them. 

butterflymum

@Aristotle67 You mentioned that one of the grandchildren is in the process of or considering buying a property. Remember, already owning even just a share in another residential property, would exclude them from First Time Buyer status (for tax purposes at least, although some lenders might still offer products).

Aristotle67

butterflymum said:

@Aristotle67 You mentioned that one of the grandchildren is in the process of or considering buying a property. Remember, already owning even just a share in another residential property, would exclude them from First Time Buyer status (for tax purposes at least, although some lenders might still offer products).

Thanks, butterflymum. That point hadn't dawned on me and is useful to know. It is relevant to me as well. I own my property outright but have never bought a home; so if I were to downsize in my old age then this would be a consideration. 

I am pleased to say that the family have contacted a solicitor from the Co-op and will be having an initial consultation next week. Thank goodness that I can step (dreadful pun intended) away from this now.

My most profound thanks to everyone who has posted in the thread. Your contributions were most welcome and all were extrememly useful. Best wishes. 

RAS

Aristotle67 said:

butterflymum said:

@Aristotle67 You mentioned that one of the grandchildren is in the process of or considering buying a property. Remember, already owning even just a share in another residential property, would exclude them from First Time Buyer status (for tax purposes at least, although some lenders might still offer products).

Thanks, butterflymum. That point hadn't dawned on me and is useful to know. It is relevant to me as well. I own my property outright but have never bought a home; so if I were to downsize in my old age then this would be a consideration. 

Don't worry about either CGT or SDLT second home penalties if you are replacing your primary residence with another one. But obviously, you wouldn't be a first time buyer.

Aristotle67

RAS said:

 But obviously, you wouldn't be a first time buyer.

Only literally!