Concerned for my aunty's money

bigadaj

margaretclare wrote: »

I am the same age as your Aunty. Not as wealthy as she is, and I'm happily married for the second time. Otherwise, probably some similarities.

The main thing is, if anyone ever, ever, in any shape or form, took it upon themselves to write about my affairs, financial or otherwise, in an open internet forum, I would be incandescent with rage. Whatever their relationship to me, that relationship would be ended forthwith.

I will decide where I keep my money. It may gain better interest somewhere else - so what. No one else's business.

I can write about my affairs, but no one else can do so. Stick to your own business and let Aunty do what she wants. She earned it, after all. Let her do what she likes with it.

I understand your position but that's a very naive post.

The whole point of these forums is there is anonymity and the opportunity to gain a range of views.

From the OP for example, having large amounts of cash without fscs cover is very naive and potentially costly, a simple move into ns&i would resolve this with no real cost.

When people get into their eighties it is understandable that others may be concerned, some will cope well whereas others will struggle, however peolle do need to be careful in such situations.

margaretclare

I disagree.

Whether the lady is in her 80s or not, it is no one else's business what she does with her money. If she appears to be compos mentis there is no need at all for 'others to be concerned'. If she is not, that's a different matter.

I read in another thread of a widowed lady who insists on keeping her savings hidden in the house. I would deplore this absolutely, much more than I would deplore Aunty's arrangements. Nevertheless, it is still no one else's business.

bigadaj

margaretclare wrote: »

I disagree.

Whether the lady is in her 80s or not, it is still no one else's business what she does with her money.

Fair enough but age has a bearing.

With the quantities being suggested then advice for a younger person would be to gain exposure to equities and other asset classes, this is obviously not something that appears to be appropriate in this case.

Mr_Costcutter

In my experience 'old age doesn't come alone', and consequently feel that anyone who has the good fortune of having a family member who is 'genuinely' concerned about them, is extremely lucky. OP, my suggestion (like many have already said) would be to encourage your Aunt to place her savings in NS&I - so much wiser and easier than her current set-up.

My best wishes to you both.

Ashen

margaretclare wrote: »

The main thing is, if anyone ever, ever, in any shape or form, took it upon themselves to write about my affairs, financial or otherwise, in an open internet forum, I would be incandescent with rage. Whatever their relationship to me, that relationship would be ended forthwith.

So, basically, if you ever make a misjudgement on a major issue, you don't want anybody you know trying to work out the best way to help you, even in a completely anonymous way. That's your right, but it's also potentially to your detriment.

You also write as if your view is the only view, not allowing for the possibility that it might not be.

amistupid

OP, may I give you some investment advice. Buy Aunty lots of her favourite chocolates and tell her how lovely she looks.

Apodemus

iammumtoone wrote: »

If the time comes where she starts to lose mental capacity then maybe talk about power of attorney.

I suspect we've lost the OP by now, but the PoA needs to be done before loss of mental capacity.

Pincher

My_aunty's_nephew wrote: »

My other concern is inheritance. She says she will leave her house to me but I also want to ensure I can look after her if she falls ill.

Plan A:

Buy her house from her, so it's in your name. She pays you rent from her £500k, which helps to pay the mortgage. For the price of the stamp duty, you avoid the seven year potentially exempt problem.

Plan B:

She gifts you the house, but pays you £625 a month rent, which neatly fits into the £7,500 Let a Room Relief, so it's tax free to you.
This allows her to remain in the property, but she needs to live for seven years to avoid inheritance tax.

My_aunty's_nephew wrote: »

She has one other niece who she dislikes.

Make sure there's a Will, otherwise it really is a nightmare.
Exclude her niece explicitly in her Will.