Inheritance Coming Through, Possibly £300,000.. Tax?

Keep_pedalling

Has the testator actually died, or this something being considered when drafting a will?

p00hsticks

https://forums.moneysavingexpert.com/discussion/comment/81892141#Comment_81892141

There's no way any Financial Advisor is going to be able to suggest anything that would enable someone to retain access to housing benefit after inheriting a six figure sum.

thevoyager

https://forums.moneysavingexpert.com/discussion/comment/81892147#Comment_81892147

Hi.. Yes the person has died now. It's going through probate now.

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81892240#Comment_81892240

Then it is all settled then, the beneficiary will lose their means tested benefits but will have substancially more savings than they had previously. An IFA might be able to advise them on the best options for the savings but they are not going to suggest dodgy ways of avoiding loosing benefits.

How old is the beneficiary?

thevoyager

https://forums.moneysavingexpert.com/discussion/comment/81892271#Comment_81892271

Yeah thanks.

The beneficiary is 67 and retired.

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81892276#Comment_81892276

So they may have many years left to them and a number of options of what to do with the money. If they really don’t have a clue then that is where an IFA might come in useful.

Mands

https://forums.moneysavingexpert.com/discussion/comment/81892240#Comment_81892240

Does the beneficiary live in a part of the country where 280-300 would allow them to buy and maintain a property?

FrugaiMacDugal

Why not contact Citizens Advice first for free advice.

elsien

Depends on what the advice is for - they have already ascertained that they cannot give the money away and still claim means tested benefits.

They can doublecheck that for themselves using a benefits Calculator such as entitledto or turn2us but they will get the same answer. CAB will not give financial advice.

There are things they can spend some of the money on without it being deprivation of capital as already mentioned; things like replacing furniture or white goods, maybe a better standard of living than you get on benefits, a holiday if that’s their sort of thing. Just a better quality of life while they can still enjoy it.

thevoyager

https://forums.moneysavingexpert.com/discussion/comment/81892319#Comment_81892319

Well it wil be split and tbf yeah 280 would get them a house but they don't want the hassle now. Like I say they live simple lives and have been there and got rid of it all.