Power of attorney how to make best interest..

freya18th

I asked a question yesterday but did not give anough info.I have just been given power of attorney for my Aunt. She as just turned 100 years and is in a nursing home I need to top up her fees by £140 per week. I have just sold her house for £160.000. I know it sounds awful but i don't want to tie it up long term and need the interest for the fees i do not want to do it on the net.

oceanblue_3

freya18th wrote:

I asked a question yesterday but did not give anough info.I have just been given power of attorney for my Aunt. She as just turned 100 years and is in a nursing home I need to top up her fees by £140 per week. I have just sold her house for £160.000. I know it sounds awful but i don't want to tie it up long term and need the interest for the fees i do not want to do it on the net.

Hi Freya

Coventry Building Society are currently paying 5.25% [gross]. Here's the link

http://www.coventrybuildingsociety.co.uk/savings/frame_sav_A.asp

Any problems, come back for help.

dunstonh

You have a legal responsibility to act in her best interests. If anyone was to challenge you on whether you had her best interests at heart, you would have to show what you did was most suitable for her. The easiest way to do this is to seek independent financial advice and get a written report for the recommendation.

Now, you don't have to do that. However, if can be worthwhile if there are other family members who may challenge you at a later date.

In addition to savings accounts, there are investment products which can pay a monthly payment and have a guarantee on capital, in the event of death which have the potential to return more than a bank or building society account. These are very commonly used for the elderly who require an income but want to make sure that the capitial hasnt gone down due to a drop in the stockmarket (or similar) but would like that extra potential for the returns to pay that bit more.