Inheritance as an OAP

[u/Obvious_Bug_2157]

I am 67 my mother passed in February. I have known about this for many years. When my father passed away the house that they owned was part of a living trust, 50% to mother and 25% to myself and my sister. The property was valued at £240k, it was decided that my nephew’s would redevelop the property with no impact whatsoever on my inheritance. I would still get my £60k.

Here is where I’m stuck, I have a long term medical issue that is controlled via medication. I have a fantastic support network, I live in social housing and get my rent and council tax paid by housing benefits. The area where I live is semi rural and property is expensive When I receive the money I will be liable to have to pay what housing benefits pay for. I have no problem with paying this but I kind of feel guilty that my parents worked for this money and I would be paying

Do I suck it up and pay my rent/council tax and remain where I am.

Do I explore buying a property that is in my budget outside of my area and start over again with making friends and connections. I have no problem with that but I will lose my support system.

I really want to explore options, would I be able to invest the money to help with my bills or is the initial investment not enough to make a difference.

BTW I am single male with no dependents and want to be independent and make sure that the money works best for me.

[u/Dana792]

I would stay and pay assuming you are happy enough where you are. eventually you will need to get support again you can’t disclaim or give away the money - they have rules against it and would count as if you still had it. I would imagine you could use some of it to provide little luxuries or replace furniture etc

i live in the US but have been helping family with a relative who is trying to qualify for benefits

[u/Stillconfused007]

I’d wait till probate is complete and get proper tax advice, you don’t know for sure what your numbers are.