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Inherenting money whilst on ESA
- stonermc
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8 hours 3 minutes ago #314608 by stonermc
Inherenting money whilst on ESA was created by stonermc
Hi,
My aunt died a couple of months ago and I was informed that I was in her will. I have since been told that the amount may be about 28,000. I am on ESA Support group, I am 62, so another 5 years until my state pension. I also started taking my work pension at 59 because my funds were so low and of course doing that lowered my benefit.
I have been looking into trusts, most likely the Vulnerable Persons trust for putting my inheritance in, in hopes I can keep receiving my ESA. However, my nephew is on UC and has been looking at the same situation as he is in the will too and he has been advised, I'm not sure by who, that the DWP will not care and will see the inheritance as income and will most likely stop his benefit.
Does anybody know if putting money in a trust has worked with DWP allowing you to keep receiving your benefit?
I haven't spoken to a solicitor yet either. Any help or advice will be much appreciated.
My aunt died a couple of months ago and I was informed that I was in her will. I have since been told that the amount may be about 28,000. I am on ESA Support group, I am 62, so another 5 years until my state pension. I also started taking my work pension at 59 because my funds were so low and of course doing that lowered my benefit.
I have been looking into trusts, most likely the Vulnerable Persons trust for putting my inheritance in, in hopes I can keep receiving my ESA. However, my nephew is on UC and has been looking at the same situation as he is in the will too and he has been advised, I'm not sure by who, that the DWP will not care and will see the inheritance as income and will most likely stop his benefit.
Does anybody know if putting money in a trust has worked with DWP allowing you to keep receiving your benefit?
I haven't spoken to a solicitor yet either. Any help or advice will be much appreciated.
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- David
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6 hours 55 minutes ago #314610 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Inherenting money whilst on ESA
Hi stonermc
You don't have to worry about your inheritance as New Style ESA claimants are not subject to capital rules regarding their savings.
As for your nephew he really needs personally tailored advice from a qualified adviser.
David
You don't have to worry about your inheritance as New Style ESA claimants are not subject to capital rules regarding their savings.
As for your nephew he really needs personally tailored advice from a qualified adviser.
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- denby
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3 hours 41 minutes ago #314621 by denby
Replied by denby on topic Inherenting money whilst on ESA
Hi stonermc,
This is a situation I have some experience of. The critical thing is that the beneficiary in receipt of means tested benefits does not have direct access to the funds; they do not control them. The trustees can buy items and pay bills for the beneficiary to suit them, but the beneficiary cannot get at the money themselves.
Whether a VP trust can be set up after the donor's death I am not sure, you really should get legal advice whether it comes free or paid.
Best wishes. Denby
This is a situation I have some experience of. The critical thing is that the beneficiary in receipt of means tested benefits does not have direct access to the funds; they do not control them. The trustees can buy items and pay bills for the beneficiary to suit them, but the beneficiary cannot get at the money themselves.
Whether a VP trust can be set up after the donor's death I am not sure, you really should get legal advice whether it comes free or paid.
Best wishes. Denby
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- David
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3 hours 28 minutes ago #314622 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Inherenting money whilst on ESA
Hi denby
If as you say " after death " it would appear to the DWP that the intention is deprivation of capital.
Professional financial advice is needed.
David
If as you say " after death " it would appear to the DWP that the intention is deprivation of capital.
Professional financial advice is needed.
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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