Inherited £50k but I'm a siingle mum, carer on benefits

[Misspointypencil]

Hi. My mother passed away recently and I am about to receive a cheque for just under £50k. To my brothers that inheritance can just go in the bank, they have good jobs, are home-owners and aren't struggling financially. However for me it's a different story. I'm a carer as well as being a single mum, have a disabled child and I haven't gone out to work for around nine years because of this. I'm not lazy, or a scrounger, in case anyone suspects this - I worked very hard before my circumstances changed. I work even harder now!

It may seem like a lot of money (well, it IS) but I will have to live off it, so I don't know how long it will last, with two young children. I get DLA for my disabled one, and carers allowance, but I don't know if I will still get that.

Anyone got any advice or ideas? I doubt if I would be able to go out to work full time, there's no-one to look after the kids, we have no relatives nearby or any other safety net!

I'd be very careful though, I read this article today and thought of this thread...

edinburghnews.scotsman.com/topstories/Benefits-cheat-blew-50000-on.6588141.jp

goodness me - how you can think that you don't have to declare it! I was initially going to put it down to a learning impairment of some sort when I saw that she gets DLA........then I read page 2 and see that it was for a bad back.

Oh, please! DH has several learning impairments and we get WTC. You're made very aware that you have to report any changes in circumstances.

That's why I'm declaring it! Even though if I was more careful than this rather dishonest woman, and decided to hide it, rather than being totally above board, I could be so much better off financially, I would be looking over my shoulder constantly. I'd be terrified of being caught!

I think if you have any savings over 16,000 the benefits will stop. My dad is on DLA and his mortgage was paid off by my Grandmar before she passed away. He still gets his benefits. Could you maybe approach the landlord and ask to buy a share in the house you are renting? It might be worth a shot? Other than that could you trust your brothers or another member to look after your money and then you dont have it and should still get your benefits? And then just ask them to give you maybe 10k a year and try and do something nice with the kids and enjoy it? I know when my grandmar died she kept my dad out of the will so he would still get his beneifts his sister deals with it but then think she could help dad out more than she does....

i would not put it all in trust for kids because if you need it you can not get it ever and they get it at 18 we hope not but sometimes an 18 year could waste it frivilously and there is nothing you can do about it, a small amount of say 2000 each in a child account could be good
property only counts above 16k if a second house , like if you had your late mothers house and you owned your owwn ( which i know is not the case for you)

Don't impoverish yourself, pay off any debts FIRST whatever they are because you can spend some without losing benefit maybe a slightly better car, do you need anything for your disabled child that state doesn't provide? any basic appliances near end of useful life washing machine rather than giant flatscreen TV,

check you have enough pension you can buy years for which you have not contributed as carer though some will have been credited,

get some advice as you can't spend it twice and from what yuo say it would be really hard for you to build up any sort of savings again, on the other hand, discretely over time buy good antiques /gold /jewellry (not fashionable stuff) which could always be sold later if you needed them but I know this option requires a bit of knowledge as so much stuff we buy drops in value the second we purchase

You can open childrens savings accounts, and Isas, with you as the signatory until your kids reach 18.. This means you can withdraw money at any time when they /you need to..

I would buy your self a very nearly new car so you have a reliable one??? If you start working then you should be able to claim WTC. Could you use the money to start renting privately and then perhaps have an au-pair to help with the dc endabling you to work?