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How to manage elderly parents' finances?
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# 1
Noggin the Nog
Old 14-05-2010, 1:08 PM
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Default How to manage elderly parents' finances?

I'm stepping in to help my elderly mother manage her and my dad's finances. They are both 80 years old. He has dementia as well as being physically frail and we will need now to draw on his money to pay for care that he now needs. My mum and I both have Enduring Power of Attorney and we are about to register it because of his mental incapacity. It's also become clear (today!) that my mum is struggling to keep track of finances and doesn't know how to manage my dad's financial affairs in this new situation - whether to start cashing in various different types of investments and so on. So I must step in and help, and probably take over as much as possible to relieve her of the burden and worry.

I realise we're extremely lucky in that he has savings and investments to manage! However, I've never dealt with stocks and bonds and whatnot or dealt with an EPA and I feel rather daunted. I feel a great responsibility to manage their affairs for the best.

Does anyone know of any good books or internet resources specifically on taking over the management of your elderly parents' finances? Or just on financial management for the very elderly, i.e. what's wise when you're in your eighties? I've found a couple of American books on Amazon but no UK ones, and have been surprised by the lack of stuff on the net (that I can find, anyway).

It's clear I'll have to consult an IFA but I'd like to be clued up first and I'd like to have some basic info that will take me through the first few days and weeks of EPA-ing and so on, particularly in terms of how to draw on my dad's money to fund his care.

I'd be very grateful for any suggestions - it's a privilege to be able to help my parents but I don't want to mess it up!
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# 2
Zebra
Old 14-05-2010, 7:16 PM
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Have you tried some of the charities for elderly people like Age Concern or Help The Aged - they produce certain guides and leaflets, and there may be something suitable on their websites.

There's also some threads on funding care for the elderly on the Silver Savers board.
For example http://forums.moneysavingexpert.com/....html?t=800521

Good Luck.
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# 3
Noggin the Nog
Old 17-05-2010, 8:13 PM
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Thanks, Zebra - there's suprisingly little of any relevance on those sites but they're very good for other stuff. Thanks for the link to the other thread, NHS continuing care may be something we look at down the line.
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