Best way to allocate funds for person aged 90+

brucefan_2

My father-in-law, who is fully compus mentis but struggles physically is in a nursing home.

Following the sale of his home, there are substantial funds sitting in bank accounts doing nothing.

There are sufficient funds to satisfy his care requirements for some time but we would like to do something sensible with the rest of his money.

Without necessarily taking too many risks, we want to at the very least protect his current capital and, better still, grow this capital.

I really don't know where to start - any advice/guidance/help would be very much appreciated.

many thanks for reading.

Best Wishes,
David

JohnRo

I think you'll need to be very careful exposing the capital to investment risks under the circumstances, especially with accounts in his name.

Opening lots of high interest current accounts, which is a considerable faff, probably won't help much and the rates won't be as high for very much longer anyway.

You're better off looking at NS&I. At least until you've discussed future plans with him and he's decided what he wants to do with it.

http://www.nsandi.com/our-products

jimjames

The common understanding seems to be that investments wouldn't be suitable. However when you can get 3%+ income from investments vs 1% from savings then it may be worth investing a portion of the money to generate that. Yes there is a chance that the value will drop but the income generally stays fairly constant.