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Best way to allocate funds for person aged 90+

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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
£6000 in 2023

Comments

  • JohnRo
    JohnRo Posts: 2,887 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    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
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • jimjames
    jimjames Posts: 18,657 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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.
    Remember the saying: if it looks too good to be true it almost certainly is.
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