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Original poster

Inheritance means we'll no longer get benefits. But I don't want to waste it...

63 replies

craycray · 21/09/2014 13:39

Basically I've been left £20,000 by my grandmother who's just died.
OH earns £12,000 and I have just finished university with a 2:1 degree and am searching for work, but am struggling to find it.
We get around £9,000 in various benefits, but as we now have savings of more than £16,000 this will obviously do down significantly by about half.
I don't want to be greedy but £20,000 would last us 4 years ish if we used it to replace the benefits lost. But we would one day love to buy our own home, when we both finally are able to get good jobs and obviously £20,000 would be an amazing deposit to have ready to go :/
Would I be able to put this money in my son's account instead? Or am I just being stupid?
I might as well just go out and spend all the money on something nice for us, a car or holiday? Which seems slightly ridiculous!

OP posts:

Applefallingfromthetree2 · 22/09/2014 23:23

There are too many low income families and individuals who are paying tax, part of which supports benefits for those in need. You are no longer in need.
To spend the money on a holiday or a car and to continue claiming benefits is totally wrong.

Sorry if this sounds harsh but to be thinking of ways to get round the system in this way just shows the benefit system has distorted people's thinking and self respect.

morethanpotatoprints · 22/09/2014 23:30

They are a low income family, the inheritance was a gift.

Would you like it if your gift was taken away from you as a form of tax because you don't need it, you earn enough. Why is it so fair that you get to keep a gift when there are so many more deserving cases.

What people are saying is the OP doesn't deserve anything nice with her gift because her family receive benefits.

Magpiemystery · 23/09/2014 06:47

More than

That's not what people are saying, yes the op should but her self something nice so that she has a keepsake but she actually resents not being able to claim benefits and wants to keep her nest egg and being subsidised by tax payers many of who probably don't have £16k in savings

Lots of people in work w

MrsPnut · 23/09/2014 06:57

No OP wants to put the 20k towards buying a house but due to their current situation they would be unable to get a mortgage. She wants to be able to save the money until their situation improves but due to the savings threshold, they will lose benefits and will end up using the inheritance to cover day to day living expenses leaving nothing to show for it.

It isn't entitled or selfish for someone to want to secure their families future.
OP, I agree with a PP - use some of the money to improve your career prospects and hopefully everything else will fall into place.

LineRunner · 23/09/2014 07:04

Why would the benefits office not 'allow' OP to buy a car with the money, if being a car owner will improve her job prospects?

I see lots of jobs advertised which specify that the applicant must have their own transport.

Just wondering.

SoonToBeSix · 23/09/2014 07:04

20k is enough on it's own for a deposit in many parts of the country. Use the 20k and buy a house.

Pantone363 · 23/09/2014 07:07

I love the "we're paying for you" comments. I don't think people have any clue how tiny their contribution to benefits is (if you remove pensions which people don't seem to mind paying).

OP, do what's right for you. Personally I'd be hiding/spending £5k.

Brittapieandchips · 23/09/2014 07:14

Do a few calculations on entitledto.co.uk to find out your actual situation now and as the savings diminish. Don't try and hide it - regardless of the ethics you are risking being done for benefit fraud.

nightswift · 23/09/2014 07:15

Am I missing something here OP - you can still save your Gran's inheritance just £16k of it instead of the £20k she planned. I have googled and you are within your rights to claim housing benefits with £16k of savings So if you want to be safe it would seem the best course of action would be ti come off benefits and reapply in a few months went you savings get to £16k. You are still saving 4/5 of the money and within the rules.

Mumoftwoyoungkids · 23/09/2014 07:23

Line From what I've seen she can use some of the money to buy a car. What the DWP wouldn't like is if she spends all 20k on a brand new flashy one and then wanted all her benefits back.

LineRunner · 23/09/2014 07:29

Thanks, Mumoftwo, that makes sense to me. So OP could buy something reasonable and reliable, and economical to run.

JellyBabiesSaveLives · 23/09/2014 07:36

3k in your sons account. 1k on useful stuff to make your life better (or that valuable and saleable work of art mentioned up thread). 16k you're allowed.

millymae · 23/09/2014 08:34

Have you got a student loan OP? If so, use the money to pay that off. In the long term you'll be doing yourself a favour as you won't have a deduction showing on your payslip every month and you'll have a bit more money to spend/save/treat yourself.
My nan would have loved her hard saved money to have been used for something like that - she hated debt of any kind. And buy yourself something nice now as a keepsake and your dc too - premium bonds perhaps, you never know they may end up as the gift that keeps on giving.

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