Helping my Nan

kiehugh

Firstly I apologise for where this is posted, however this is my first post and I am sure which category it fits in.

Recently my Grandad passed away after 57 years of marriage leaving his entire estate to my Nan. My Grandad handled all of the household finances which has left my Nan with a steep learning curve.

My Grandads wishes were for his estate to pass to my Nan so she had enough money for the rest of her life. My Mum and I want to be able to support my Nan and allow her to be independent, we also want to ensure that she is looked after, should she ever need to be, and use the estate to do so.

I have no intention whatsoever as to have control of my Nan's money, but we want to ensure that she is looked after properly should the need arise.

Does anyone have any suggestions?

le_loup

First thing to do is to put a Power of Attorney in place.
This will enable you to look after things now, if that's what she wants or later should she become incapable.
Then head over to the Investments and Savings board and take a look at what's available.

alanq

You say that "have no intention whatsoever as to have control of my Nan's money" but there is a possibility that for anyone the time will come when they will need someone to look after their financial affairs for them. You need to arrange a Lasting Power Of Attorney so that measures are in place when that time comes. Even if you do use the POA you will not have "control" because while the donor (your Gran) has mental capacity she should be consulted and agree to what you are doing on her behalf.

agrinnall

If you are in England LPAs are handled by the Office of the Public Guardian. The necessary forms can be downloaded from their website, you don't need legal help to fill them in as long as you take your time and are careful to get things done in the right order - I did it myself for my mum a couple of years ago.

http://www.justice.gov.uk/about/opg

CLAPTON

hold on a bit...........

how old is your nan?
is she is good health?
mentally?
physically?

is there adequate money for her to live a good life?
how much is the estate worth?
how much pensions or cash flow?

is there a will?
if so who is/are named as executors?