Inheritance Advice Required

milliemonster

MLC, I am in a similar position to you, I lost my mum to cancer last year and my dad who is now 70 was looking to do equity release on his house to free up £20k to travel the world, unfortunately my mum was never the type to do anything but be a homebody and now he is 'free' he wants to make the most of the time he has left.

His house is worth around £200k and their will was for it to be split 3 ways between me my brother and sister when he dies, I have talked him out of equity release as I believe it is a complete rip off and instead have suggested he either works a couple of days a week again (he only stopped when my mum died and he worked from home for a friend and they are desperate for him to come back to them!) or suggested downsizing to free up the money he wants.

He now thinks he is going to downsize in a year or so (if the market picks up!) I too want him to enjoy his life and had never even considered what if we ever faced him needing long term care, I don't know, I guess we will cross that bridge when we come to it.

My mum was always the frugal one and never spent anything, in the last year since she has been gone, my dad has almost completely depleted their savings aside from the house and is having to make do with his pension now, this was my main worry with him doing equity release as he's going a bit mad and I worry about what will happen if he runs out of options! but at the end of the day it's his money.

I do completely agree though that no one who has worked and saved all their lives and owns their own home should be penalised by having to personally fund what should be provided for in their old age, they may aswell have spent it all throughout their lives in that case

SandC

Mini_Bear wrote: »

When my parents get to this stage of life i will build an annexe in my house/garden and look after them. I would NEVER want either of my parents to go in2 a home.
QUOTE]


I hate the way people have opinions on the matter of care homes when they have no experience. My father spent 7 years in a care home before passing away last month. His health problems were so severe that he could only have been cared for in a home environment if we employed a system of nurses 24/7.

I also know of 2 people who just recently had cause to recommend their respective grandmother and grandfather try out a care home. While at first highly reluctant, both are now loving it.

These things are not black and white - you have no idea how sick some people can be and still be alive for quite a few years.