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Inheritence and benefits

  • 12-09-2013 8:49pm
    #1
    calibelle
    Closed Accounts Posts: 78 ✭✭


    Hi I'm very confused and any help would be appreciated!
    I am currently claiming lone parent benefit and rent allowance and am hoping to go to college next year.
    A relative recently died and I (as part of a group) will inherit a share of an estate of about €40k worth of farmland and part share of a house. As its all owed jointly with a load of other people its not possible to sell it so its basically worth very little.

    I can still refuse it as I'm terrified that I will lose some benefits, can anyone tell me what I would lose as there is no cash value at all or when I need to tell the benefits office?

    If I turn down the inheritence can I get into trouble?

    Very confused!


Comments

  • #2
    Immaculata
    Registered Users, Registered Users 2 Posts: 244 ✭✭Immaculata


    I'm sorry for your loss.

    Your late relative's will be need to be executed, then most likely probate will have to be gone through, which can take from months to a year or more; only once those processes are complete will you know what you have inherited and in fact, only then will you actually have inherited anything - at the moment, your circumstances haven't changed materially. Your late relative's debts (if any) will need to be paid out of his or her estate (wealth at time of death) so there's no point in worrying about it. I don't know the details of your late relative's finances, obviously, but from what you say, I'd be surprised if in the end the amount you receive will affect your benefits.

    Again, I'm sorry for your troubles.


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