About to receive inheritence and aware that will have to inform Benefits. Are there restrictions on how fast or what I spend this money on? Would like to put some money aside for children can I do this?
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3 Comments
On standard benefits, such as Income Support and Housing Benefit, Savings of more than £6000; and you will not be able to claim. Savings of £3000; – £6000; and you may be entitled to some benefit.
You can have £3,000 in your own name.
Not sure how fast t would have to be transferred out of your name, but if you put money into investment accounts for your children that you couldn’t touch then it would effect benefits.
As long as it’s legal I can’t see any issue on what you would spend it on.
Think the main question is up to how long could a larger amount of money stay in your name.
I’d say just get it out of your name as fast as possible. If it’s being held with a solicitors account, maybe arrange for amounts to be transferred to you bit by bit or directly in to childs investment accounts.
The benefits office would consider this as extra income and very possibly could lose your benefits.You are allowed to have a certain amount in a savings,but I would definitely contact the social.
We had a case in Canada where a family was on welfare,lost all their possessions in a fire,got the insurance money and the welfare cut them right off benefits.