DEAR TRICIA

Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help

QI’m due to inherit around £80,0000 from my late sister’s estate. Will I need to inform the tax office of this windfall? I’m also considering giving the family some of this money for a property purchase. What financial implications would I face if I did? You don’t usually have to inform the tax office as your sister’s estate would need a grant of probate to release the monies to the beneficiaries, and therefore all the relevant authorities will know, and all taxes (if any) paid beforehand. If you

Are-gift some of the money to family it could become liable for inheritance tax if you die within seven years of gifting it as this would mean it would be included in your estate.

QI have a £4,000 balance on a credit card with my bank and the interest is astronomical. I asked for a loan to pay this off and said I would close down the card, but I was informed that my bank cannot help me. Can you? Is it possible to transfer to a better credit card deal with your bank? If not, I would try another

Acredit card provider with a 0% deal offer. It may be there is something on your credit report, or your credit score may not be high enough and that is why your bank is turning down your application for a loan. Each bank has its own criteria for lending and they are stricter on affordability checks these days.

QWhen I retired, I took an income from my works pension. I was contacted recently to supply details of my wife as there seems to be a small spouse’s pension. However, I’m not married and never