Investing after house sale

Options
My dad has recently had to go into care and had to sell his house. He now has about £200,000 that needs to be kept 'safe' and give him some interest.

We have no idea where to start, so any advice would be gratefully received.

Comments

  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    Options
    First thing is to probably deposit into ns&i accounts as the money will be safe though only getting 1% interest.

    Then probably best to speak to an ifa about options, but also try the money advice service to get some generic comments and allow you to get some explanations.

    You could look at an immediate needs annuity which would guarantee to pay the fees, though these are relatively expensive and would need to be purchased using an ifa in any case, so an option to discuss with them.

    Speak to at least three ifas and get a feel for them, on the basis of trust and whether you feel comfortable with them. One thing they aren't regulated on is fees, so be open about questioning costs and turning down an ifa on price is no different to shopping at a different store or going to a different garage.

    Update the thread as go along and raise queries as you go through the process, several ifAs post and will be able to comment on experiences you have.

    Good luck.
  • xylophone
    xylophone Posts: 44,596 Forumite
    Name Dropper First Anniversary First Post
    Options
    Your father will be self funding?

    He will get AA?

    He has pension/ other income?

    If self funding, by how much will his income need to be supplemented by capital?

    Does someone have Power of Attorney?
  • Red_Baron06
    Options
    Yes, he is self funding but gets an allowance for some of his care needs.

    He does have a pension but thanks to care costs going up, a small amount of his savings will be needed monthly for this - not sure how much yet as we have just renegotiated his care package.

    We do have POA - for when it is needed.

    He will be very reluctant to speak to an IFA as he begrudges anyone getting any of his money - but we will try to persuade him!

    Thank you for the advice.
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Options
    It would be wise to consult an IFA. If he begrudges the cost, ask him if he is likely to spend all of that money in his lifetime. :)
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards