Elderly relative

CH27

Mojisola wrote: »

We turned up to visit an elderly relative who had very little vision to find him up a ladder with an electric hedge trimmer trying to cut the top of a 10ft hedge - to "help out" the elderly lady next door.! :eek:

It's enough to drive us to drink :rotfl:

Mojisola

margaretclare wrote: »

The only change we haven't yet got to grips with is a smartphone, which all the schoolkids seem to have. We don't want to be left behind, but....

Reason: we don't think that - for us - it would be worth the money. We each have a mobile which is an absolute godsend and can be/has been a life-saver on more than one occasion - but a smartphone, unlimited texts etc? Can't see it. Oh, and we haven't got Sky TV. Don't need that either.

There's no point having things that won't improve your life - it's resisting things like putting in a level-access shower that will make life easier that makes helping some people difficult.

My parents both came from poor backgrounds and had spent their lives "making do" and "managing" - they weren't used to spending money on themselves to make their lives more comfortable.

It was one of the OTs who told them that, by accepting the changes, they would be retaining their independence at home that really got them willing to go along with them.

Hopalong1

CH27 wrote: »

I've got dad pretty sorted practically thankyou.
What I worry about is him still thinking he is 40 & superman.
Washing line broke? No probs i'll jump on the garage roof & fix it:eek:
Landing light bulb gone? No probs i'll stand on the banister & change it :eek:

Hello CH27


That's great.


Oh dear, we thought we had enough on our hands with our relative shopping! Thank God it's a bungalow.....

Hopalong1

Mojisola wrote: »

There's no point having things that won't improve your life - it's resisting things like putting in a level-access shower that will make life easier that makes helping some people difficult.

My parents both came from poor backgrounds and had spent their lives "making do" and "managing" - they weren't used to spending money on themselves to make their lives more comfortable.

It was one of the OTs who told them that, by accepting the changes, they would be retaining their independence at home that really got them willing to go along with them.

Hello Mojisola


That really sums him up. I am definitely going to pinch that last bit 'retaining independence at home', if you don't mind! : )

joerugby

Bear in mind that stocks and shares have performed pretty well over the last five years, so Relative A's strategy might have been a good one.

Also, if the money really is invested directly in shares then it is immediately accessible - he just needs to ask the advisor to sell a few shares to pay for whatever he needs

In contrast, money placed in savings accounts in recent years has tended to lose value in real terms because of the pitiful interest rates available.

Hopalong1

joerugby wrote: »

Bear in mind that stocks and shares have performed pretty well over the last five years, so Relative A's strategy might have been a good one.

Also, if the money really is invested directly in shares then it is immediately accessible - he just needs to ask the advisor to sell a few shares to pay for whatever he needs

In contrast, money placed in savings accounts in recent years has tended to lose value in real terms because of the pitiful interest rates available.

Hello joerugby


Thanks for that, it gives me a bit of reassurance... It's just the social services were concerned, at his age, 81, he should have savings set aside for current or future care.


We were also worried that it's risky putting all his eggs in one basket, as it were, and our relative doesn't have any paperwork proof about what he actually does have (he literally doesn't know as he gives it all to FA)....


We really hope all is ok, just a bit concerned as FA didn't seem keen on us getting POA, and wanted to rush through renovation work via a friend, which happened to coincide with the money he has in a current account i.e. very cheap.


I wish I hadn't typed that now, as I am remembering what was worrying us.....



I am going to put that to the back of my mind and focus on getting his home safe....

Mojisola

Hopalong1 wrote: »

I am going to put that to the back of my mind and focus on getting his home safe....

And sending that letter to the FA asking for a breakdown of all his investments!

margaretclare

Mojisola wrote: »

We turned up to visit an elderly relative who had very little vision to find him up a ladder with an electric hedge trimmer trying to cut the top of a 10ft hedge - to "help out" the elderly lady next door.! :eek:

I have seen some accidents with electric hedge-trimmers, circular saws, you name it. Enough to give you nightmares. And not all with older people either. Just people who had no real idea what they were doing or the capabilities of the equipment they were so blithely handling.

'Health and safety' would freak out.

Thank goodness that DH, with his years in industry, is very very safety-conscious. 'Put some gardening gloves on'. Nag nag.

margaretclare

joerugby wrote: »

Bear in mind that stocks and shares have performed pretty well over the last five years, so Relative A's strategy might have been a good one.

Also, if the money really is invested directly in shares then it is immediately accessible - he just needs to ask the advisor to sell a few shares to pay for whatever he needs

In contrast, money placed in savings accounts in recent years has tended to lose value in real terms because of the pitiful interest rates available.

Yes, they have, even though there was that 'meltdown' in 2008!

I decided some time ago not to bother with savings accounts because of the interest rates. We've been lucky. Because of the very low Bank Rate our equity release lifetime mortgage hasn't rolled-up anywhere near the 'gloom and doom' we were warned of. Because I've been saving in a S&S ISA I've saved more since stopping work in 2002 than I ever did in all the years in a responsible job, and I took some of it out for elective surgery.

iaps

I have immediately checked with your link, and thankfully, the company is FCA registered, as is the FA. So at least they are legitimate as a financial business.

I have finally sent off the letter to the FA requesting list of investments and statement which our relative does need for his social services means test (spoke to allocated social worker yesterday about this and he wants us to deal with it).
We have 2 weeks grace now before fees have to be paid.

Hopalong1
Does it mean that FA is a representative of that principal company?
Does it mean that FA should not hold himself as acting independently for his business?
Does it mean he should refer to his principal firm in letters to retail clients that are sent with a view to, or in connection with?

In that case a letter from your relative with request for an updated review of his account should be sent to that principal company, not to the FA ?

FA is not a party in this commercial relationship. As no one may act on behalf of your relative without registered POA.

Please don't rely on the opinions of social services' employees with regard to financial matters of the person who has full capacity to make decisions. Please search for financial advisors' obligatory code of conduct.

Best wishes.