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Money

Fatmarley

Fatmarley

"It appears my intelligence circuits have melted"
Just say you had a family relative die, and they had a large sum of money (cash) hid in their house. For arguments sake, lets say 50k, but could be more. Could you retrieve the money and just start spending, or put it in your bank? If not, what would you do with it?
 
Oh, forgot to say, this imaginary person has never worked in their life and just saved their benefits.
 
No it is theft.
There are strict rules of who inherits depending on whether there was a will or not.
Further, that much in assets would have to go to probate.
 
it would have to count towards the total estate and then go through probate and then pay IHT . the money laundering regs are strict and they will certainly be suspicious if you start spending that much
 
Fatmarley said:
Just say you had a family relative die, and they had a large sum of money (cash) hid in their house. For arguments sake, lets say 50k, but could be more. Could you retrieve the money and just start spending, or put it in your bank? If not, what would you do with it?
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Has to go to the lawyer or the executor, doesn't matter where they got the money, the above is just stealing.
 
If there were no other people inheriting from this relative, you are the only heir, it might be wisest just to keep it as cash and use it without going through lawyers, etc. Technically illegal, perhaps, but a relatively small sum and a bit like inheriting their jewellery or paintings of moderate value, the family silver or the furniture.
 
PaulMB said:
If there were no other people inheriting from this relative, you are the only heir, it might be wisest just to keep it as cash and use it without going through lawyers, etc. Technically illegal, perhaps, but a relatively small sum and a bit like inheriting their jewellery or paintings of moderate value, the family silver or the furniture.
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Hardly a relatively small sum, £50,000 or 'maybe more' isn't a pilfering amount that would buy a house somewhere in the UK, Hull probably :D however if there's no will then it's stealing not 'technically 'illegal' it's theft pure and simple, I certainly wouldn't be posting about doing on a public forum though.

If the deceased hasn't left a will but has told people that they want the money to go to 'George' then 'George' can appoint a lawyer to ensure he gets the money less legal fees etc ie not stealing.
 
PaulMB said:
If there were no other people inheriting from this relative, you are the only heir, it might be wisest just to keep it as cash and use it without going through lawyers, etc. Technically illegal, perhaps, but a relatively small sum and a bit like inheriting their jewellery or paintings of moderate value, the family silver or the furniture.
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This is poor advice. Keeping/not declaring the cash would be a crminal offence.

You may be a sole heir but there may be many other claims on the estate.

Distribution of tne estate is for the Executor.
 
Fatmarley said:
Just say you had a family relative die, and they had a large sum of money (cash) hid in their house. For arguments sake, lets say 50k, but could be more. Could you retrieve the money and just start spending, or put it in your bank? If not, what would you do with it?
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Can I say that I (a) have always thought extremely highly of you and (b) know when to keep my mouth shut?
 
Dammit Marchbanks, I was about to stake a claim.

[@Fatmarley - as others have said, your imaginary person should be putting this through a solicitor.]

John
 
Fatmarley said:
Just say you had a family relative die, and they had a large sum of money (cash) hid in their house. For arguments sake, lets say 50k, but could be more. Could you retrieve the money and just start spending, or put it in your bank? If not, what would you do with it?
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You could certainly start spending but only in relatively small amounts - there are few businesses that accept large amounts of cash these days. Similarly, you could put it into a bank account over a period of time to avoid questions about money laundering.

It would be illegal but who would know? Depends on your attitude to legality and the risk of discovery.

There is no charge for this but after having to pay off everyone on pfm who has commented might mean you end up owing more than £50k...hypothetically.
 
If they've saved their benefits then they will have exceeded the allowed amount of savings to qualify for the benefits. The DWP will be all over it if they caught wind of it. My frugal mum was from a that generation who'd grown up with nowt and was very careful with her money- she made the mistake of putting some of her pension credit money away ,the DWP claimed everything back that she'd received after her savings exceeded the 'qualifying amount'. She should've blown it all on fags and the horses.
So if it's held in cash then you need to ask if the DWP needs to know.....
 
It would be difficult to deposit in a bank they get suspicious of large amounts, in fact any thing over a couple of bags of sand they suspect you of money laundering.


Pete
 
PaulMB said:
If there were no other people inheriting from this relative, you are the only heir, it might be wisest just to keep it as cash and use it without going through lawyers, etc. Technically illegal, perhaps, but a relatively small sum and a bit like inheriting their jewellery or paintings of moderate value, the family silver or the furniture.
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That’s outrageous!
Glad you aren’t near me.
 
cooky1257 said:
If they've saved their benefits then they will have exceeded the allowed amount of savings to qualify for the benefits. The DWP will be all over it if they caught wind of it. My frugal mum was from a that generation who'd grown up with nowt and was very careful with her money- she made the mistake of putting some of her pension credit money away ,the DWP claimed everything back that she'd received after her savings exceeded the 'qualifying amount'. She should've blown it all on fags and the horses.
So if it's held in cash then you need to ask if the DWP needs to know.....
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Not necessarily.
It could be PIP for starters.
It isn’t means or savings tested along with several other benefits.
Even your state pension is now considered part of benefits.
 
Suppose your last parent died, and you were the only child, and they had silver worth 50,000 pounds. Would you have to declare this to somebody and pay tax? Or if you said your parent gave it to you a week before they died, how could anyone say you are lying?
 
snowflake said:
I'd lift it and say nowt........cash is difficult to get rid of, so I'd probably use it to buy stuff, or claim it was a casino win....

S

'Stuff' clarified, Private motor vehicle sales, hi-fi, food, beer, strippers, etc......
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I object to the strippers. But a "new" SH car, get the wiring of your house re-done, a couple of oriental rugs, a few good pairs of 600 pound shoes, invest in the stereo, new bed and mattress, monogrammed silk pyjamas and a 500 pound dressing gown, a few holidays (has a hotel or restaurant ever refused cash?), quite easy to spend 50,000 in cash over a couple of years.
 
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