Income Support & Inheritance

raschidkha · 7 August 2007 at 1:36PM

Myself and each of my children (3) are due to inherit some valuable from a relative that dies recently. We are just waiting for the Will and exceutors to sort out the details. I am on Income Support and claim for myself, wife and 3 children. In total the 4 of us (me & kids) are due to inherit around £4000 in cash and valuables (jewellry, gold bangles, old coins, collectors items & specific antiques). The valuables have been valued (at last valuation about 5 years ago) to have a collective value of around £8500. Obviously the £4k cash and the valuables together takes me well over the I.S. £6k lower saving level. Is this right? Will my income support stop? Can they make me sell the in heritance items? (some has sentimental value).

I am not out to do anything dodgy & have more than i should, but equally i don't want to be forced into doing something I don't want to.

Thanks.

healy · 7 August 2007 at 1:44PM

It is the cash that the DWP is interested in not the valuables with regard to capaital limits.

raschidkha · 7 August 2007 at 1:48PM

Thanks Healy,

Do i still need to inform the DWP of the £4k (when i get it) despite it being under £6k and my savings will still be under the limit?

So am i right in saying that the DWP CANNOT make me sell the valuables we inherit? But what happens if we CHOOSE to sell some of the valuables? I am not keen on the antiques and got no room in the flat!

Also - is there anything stopping us keeping the valuables but spending some of the £4k and then once we have spent some of the £4k then deciding to sell the antiques one at a time? (i.e. we would remain below £6k in cash?)

kelloggs36 · 7 August 2007 at 4:49PM

I shouldn't think that the DWP will make you sell anything! The cash, provided you aren't over the limit will also be fine - no harm in declaring it but if you don't have any more it won't affect anything.

kelloggs36 · 7 August 2007 at 4:50PM

after all, the DSS don't ask what we have in our homes and ask us to sell anything of value, do they? I think you will be fine!!! Enjoy.

raq · 10 August 2007 at 8:50AM

i agree with kelloggs36. enjoy it.

if I had this I wouldn't leave it in the bank I would pay off a debt

laurenjs88 · 7 December 2008 at 9:46PM

Just to bump this, ive inherited £2.5k will this have an affect on my IS? idont think so because my savings are only £2503.52p when i stick tthis cheque in my savings but people are threatening to report me as they are upset so thought i would check?

healy · 7 December 2008 at 10:13PM

laurenjs88 wrote: »

Just to bump this, ive inherited £2.5k will this have an affect on my IS? idont think so because my savings are only £2503.52p when i stick tthis cheque in my savings but people are threatening to report me as they are upset so thought i would check?

No it would not affect it, you can have up to £6000 before it is reduced.

laurenjs88 · 7 December 2008 at 10:48PM

Cheers Healy i won't worry about them then!

LizzieS_2 · 8 December 2008 at 12:17AM

laurenjs88 wrote: »

Just to bump this, ive inherited £2.5k will this have an affect on my IS? idont think so because my savings are only £2503.52p when i stick tthis cheque in my savings but people are threatening to report me as they are upset so thought i would check?

It will not affect you, but I would declare it. The reason being that anyone reporting you could come out with a much higher figure and your benefits could be reduced during an investigation.

laurenjs88 · 8 December 2008 at 11:00AM

Yer i might give them a ring today then, hopefully going to go and spoil my gorgeous DD today as its her 1st birthday! so better find out before i go spending it!

Income Support & Inheritance

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