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Money

PaulMB said:
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?
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If you were the only surviving blood relative, you would get it all.
 
twotone said:
And the deceased had talked about leaving all of their money to the cat protection league, for example, that wouldn't bother you?
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While not wanting to deflect from the point you're making which is about the wishes of the deceased; my other half previously worked for the cat's protection league. They acquired a lot of their funding through money and property left through wills. They had very effective marketing, and very well paid regional managers who knew a lot more about money than they did about cats.
 
twotone said:
Doubt you'd pay tax on £50K but you'd just have to pay a solicitor to make it legal so that at some point someone doesn't come out of the wood work and claims it then you end up having to pay them a share or worse being jailed or becoming bankrupt cause you've spent the dosh.
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No need for a solicitor in such a clear-cut situation.
 
calorgas said:
While not wanting to deflect from the point you're making; my other half previously worked for the cat's protection league. They acquired a lot of their funding through money and property left through wills. They had very effective marketing, and very well paid regional managers who knew a lot more about money than they did about cats.
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Doesn’t really matter though that side of things like most charities they’re only after the money for whatever reasons but the important thing is the wishes of the deceased so as I said, cat protection or a next door neighbour.

Just reading there about an executor who got four years for ripping off the beneficiary of a neighbour’s will she left the money to two of her friends, £220,000, shared equally one received her share the executor spent the other share on cars and holidays etc, the rightful beneficiary got nothing.

So not only did he steal someone’s rightful inheritance he also stole the deceased’s money too and he was a trusted neighbour named as executor in the will.

Turns out the the other beneficiary was his partner she was paid when the deceased’s house was sold the other beneficiary had to remortgage her house to pay high court fees of £60,000 and the guy had spend £110,000 on a car and holidays and clearing debt by this point at the end there was only £10,000 left.

https://www.thewillbureau.co.uk/news/2020/2/12/executor-jailed-for-frittering-away-inheritance
 
twotone said:
Doubt you'd pay tax on £50K but you'd just have to pay a solicitor to make it legal so that at some point someone doesn't come out of the wood work and claims it then you end up having to pay them a share or worse being jailed or becoming bankrupt cause you've spent the dosh.
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No solicitor needed as said up thread, but it would have to go through probate.
And no tax at all is payable on inheritance, unless the IHT threshold is reached.
 
So the question really is: if you had the opportunity to steal someone else’s money, with extremely low odds of getting caught, would you do it?

I’m no saint, but I would not. If I did, I doubt my conscience would let me sleep at night.
 
calorgas said:
my other half previously worked for the cat's protection league. They acquired a lot of their funding through money and property left through wills. They had very effective marketing, and very well paid regional managers who knew a lot more about money than they did about cats.
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In fairness I'm guessing the job of those regional managers was to manage money not manage cats - if such a thing were possible ;-)
 
Joco said:
Stealing from somebody who was entitled to a share, no. Spending money one was alone entitled to and potentially having to pay money back to a nasty Gov Dept, well, no contest whatsoever.
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This has nothing to do with the OP.
 
Hook said:
So the question really is: if you had the opportunity to steal someone else’s money, with extremely low odds of getting caught, would you do it?

I’m no saint, but I would not. If I did, I doubt my conscience would let me sleep at night.
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I admit it - there was a 20p piece left in the self-checkout machine at Tesco last week and I trousered it, although it belonged to someone else. I thought I’d got away with it, but your post has reawakened the memory. Now I’ll probably spend the nights in torment until I get a chance to take it back.
 
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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We know now - many thanks lol!
 
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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Only if you were named in the will as the executor and beneficiary and the total estate value was below the IHT threshold. If there were no will, the closest living relative would become the executor, see https://www.gov.uk/applying-for-probate/if-theres-not-a-will
 
JezmondTutu said:
We know now - many thanks lol!
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Who's we and what do you know that's funny?
The situation can be quite serious for the unwary, innocently putting their money away for a rainy day can mean all means tested benefits claimed after their savings threshold has been exceeded means those benefits need to be repaid in full from the estate. In the case of the OP second post the DWP has first dibs on the £50 k.
 
If the imaginary person had no other assets then there would be no incentive to keep the cash secret. Assuming you would be the automatic heir.

Cash is actually very difficult to spend these days so better being legit & putting in a bank once probate has been granted.
 
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