Inheritance problem 😔

kikidee

Hi, I am terrified about being left inheritance from my parent after he dies. I am living in benefits and feel comfortable with it and am worried I will not be able to cope with the change of living off the inheritance, losing my benefits, and re applying for them after the inheritance runs out. Has anyone been through this or can offer any advice?

Albus_Scope

Hi @kikidee, sorry to hear you're struggling with these thoughts.  

If you're claiming PIP or DLA, inheritance wont affect your claims as they're not means tested. 

If you're claiming Universal credit, you will be ok if the money is under £6k, but the amount you get will be reduced if it's between £6k and £16k.  Anything over and you would need to stop claiming. I hope that helps? 

poppy123456

A previous thread suggests you're claiming ESA. If any part of that is contributions based then you'll continue to receive that because it's not affected by savings/capital.

Income Related ESA is affected by savings of more than £6,000 there's a deduction of £1/week for every £250 or part thereof over that amount.

kikidee

HI, although I chose 'benefits advice' as the topic heading (because that were my only option for this), I clearly stated the reason for the advise needed but I only received comments paraphrasing my problem in more detail around the issue of losing my benefits. This to me feels more painful and upsetting. I feel completely misunderstood and unheard. 

poppy123456

I'm sorry you feel you've been unheard. It was very difficult to give any specific advice because you didn't give any information about what current benefits you claim. 

Are you claiming for help with any rent? If you're still claiming ESA is it all Income Related or just contributions based?

It will also depend on how much inheritance it will be. Advice can only be given based on the information you give.

honestjon

kikidee said:

Hi, I am terrified about being left inheritance from my parent after he dies. I am living in benefits and feel comfortable with it and am worried I will not be able to cope with the change of living off the inheritance, losing my benefits, and re applying for them after the inheritance runs out. Has anyone been through this or can offer any advice?

Hi have you thought about putting the money in a trust fund?
It's something to consider to protect the money but you will need expert advice on this subject 

poppy123456

honestjon said:

kikidee said:

Hi, I am terrified about being left inheritance from my parent after he dies. I am living in benefits and feel comfortable with it and am worried I will not be able to cope with the change of living off the inheritance, losing my benefits, and re applying for them after the inheritance runs out. Has anyone been through this or can offer any advice?

Hi have you thought about putting the money in a trust fund?
It's something to consider to protect the money but you will need expert advice on this subject 

Kikidee would not be able to do this theirself because it's likely to be seen as deprivation of capital if they did and they would still be classed as having the money so it would still affect means tested benefits.

If the trust is set up before anything happens to the parent then it's different. I agree that expert advice is needed for this.

Jimm_Alumni

Hi @kikidee, I'm sorry you've felt unheard. I haven't lost a parent yet, it's something I struggle to think about honestly and so something I avoid. I've lost grandparents but I feel like that isn't the same as losing a parent. Do you have any other support around you who can help you when that time comes? Siblings, distant family, friends? There are also often local talking groups that anyone can join to help people express their feelings and get through difficult times together. 

Also, I know you've not had a great experience so far, but this community is also wonderful at rallying to support people in need. I know, because of the category this is in, they've focused on the benefits part of your post. However, it can be a wonderful well of support and good wishes

honestjon

poppy123456 said:

honestjon said:

kikidee said:

Hi, I am terrified about being left inheritance from my parent after he dies. I am living in benefits and feel comfortable with it and am worried I will not be able to cope with the change of living off the inheritance, losing my benefits, and re applying for them after the inheritance runs out. Has anyone been through this or can offer any advice?

Hi have you thought about putting the money in a trust fund?
It's something to consider to protect the money but you will need expert advice on this subject 

Kikidee would not be able to do this theirself because it's likely to be seen as deprivation of capital if they did and they would still be classed as having the money so it would still affect means tested benefits.

If the trust is set up before anything happens to the parent then it's different. I agree that expert advice is needed for this.

I agree Poppy as usual your advice is spot on in my opinion.
Making the arrangements now will help to stop the anxiety that this is causing the o.p.

kikidee

Thanks everyone who replied I really do appreciate it.  I have considered this but feel unable to navigate through to any conclusions.  I would need to speak to an expert in this field but again Im unsure who to turn to.  

Hannah_Alumni

Hello @kikidee

Citizen's Advice have advisors who will be able to help support you. I hope they help you navigate through your thoughts Please know the community are always here to support you. 

2oldcodgers

Hannah_Scope said:

Hello @kikidee

Citizen's Advice have advisors who will be able to help support you. I hope they help you navigate through your thoughts Please know the community are always here to support you. 

CAB may well be able to help but only as far as telling you that your first port of call regarding setting up a trust is a solicitor that specialises in wealth protection matters. It's not cheap but well worth in the end.