My 89 year old mother and her Internet skills

Katiehound

I just want to say that the investments we chose then were (then) PEPs in High interest unit trusts/ bonds, (think they are now OIECS )which paid out monthly/ quarterly. My mother was in residential care for 5 years + 6 months nursing care so each year transfered the max limit to the PEP (now ISA.) This wouldn't work obviously if your mother doesn't pay tax.
Generally speaking the stock market investments, well chosen, will pay more than savings account. I know at one time I tried to transfer her current a/c to another which was much more convenient for me to administer- telephone banking- and it simply wasn't possible. Because all the paperwork was in her name there wasn't anything for me to do as far as records were concerned. I was the only beneficiary, and I certainly wasn't going to fleece her!

PoA was done thro a solicitor which of course cost!! but it was worth it for my peace of mind.
Incidentally having an FSA was very useful when it came to probate because they were able to help- can't now remember how- it was 13 years ago. Maybe it was with a couple of companies who footled about and FSA wrote to chivvy them!

I don't understand why an FSA wouldn't help. But of course mine was advising ME (with PoA) not my 80 year old Mum. I certainly had my finger on the pulse and maybe that would be the problem- not understanding the implications.

Good luck anyway because it is quite a responsibility.

sleepless_saver

There are specially qualified IFAs who can advise on specialist areas like immediate care needs annuities (where you buy an annuity which then pays out tax free direct to the nursing home). I got advice from one IFA (NHFA I think) when my mother went into residential care. It was very helpful as they showed me the costs and benefits of different approaches. Turned out in our case the best option was just going for highest interest rate savings account.

You should be able to find a suitable IFA at https://www.unbiased.co.uk by using the filters.

FWIW at the moment, I wouldn't go for stock market as care home fees have to be met in the short term (up to 5 years), markets are very volatile, and so you might well have to sell at a loss in order to meet care home payments.