Inheritance and benefits

LiquidStool

Hi

I have a question I hope somebody can help with...

I'm currently on UC.  My father recently passed away and made me and my sister joint executors of his will.  We're also the sole beneficiaries and will inherit a sizable sum.

My question is this;  His bank have said they will release his funds in due course.  I take it that means paying it into a bank account, however nothing can be paid out until probate is completed which looks like it could take quite a while.

I'm concerned that having this large cash suddenly deposited into my bank account will cause me all sorts of issues, including losing my housing benefit, council tax reduction etc.  I'm quite prepared to lose those but I cannot touch that money until probate is completed and the estate is distributed, therefore I'll have nothing to live on until probate is settled.

My father's bank have said they can set up an Executor's Account to transfer the money to, this will allow me to pay stuff out but, surely, if that has my name on the account, I'll still have my collar felt?

What are my options here? 

Boohoo

LiquidStool said:

Hi

I have a question I hope somebody can help with...

I'm currently on UC.  My father recently passed away and made me and my sister joint executors of his will.  We're also the sole beneficiaries and will inherit a sizable sum.

My question is this;  His bank have said they will release his funds in due course.  I take it that means paying it into a bank account, however nothing can be paid out until probate is completed which looks like it could take quite a while.

I'm concerned that having this large cash suddenly deposited into my bank account will cause me all sorts of issues, including losing my housing benefit, council tax reduction etc.  I'm quite prepared to lose those but I cannot touch that money until probate is completed and the estate is distributed, therefore I'll have nothing to live on until probate is settled.

My father's bank have said they can set up an Executor's Account to transfer the money to, this will allow me to pay stuff out but, surely, if that has my name on the account, I'll still have my collar felt?

What are my options here? 

Get an account set up in your sister's name.

I don't think anything will happen to your benefits until the estate is sorted out.

Others may have more knowledge on this matter than me.

Grumpy_chap

Sorry for your loss.
Use the Executors Account to manage the Estate.
The money is not yours until the Estate is distributed.
You should seek to distribute the Estate in a timely fashion.

Keep_pedalling

An executors account is a trustee account and will either be in the name of the deceased (eg Estate of John Smith) or if set up in the executors names it will say something like Jane and Frank Smith, Executors. 

Nothing in that account is yours so should not affect your benefits until the estate can be distributed. If this is a cash only estate then distribution could be a matter of days or weeks, where there is a property or other assets that require probate it would be much longer.