Really worried about my parents finances

Kayalana99

annandale wrote: »

The OP has said they have very little money in the bank. They are concerned that they won't have the funds to pay for the upkeep of the flats.

The mother isn't claiming everything she's entitled to and neither parent has made a will.

Which is pretty much the first thing you should do if you haven't already when you buy property

Having two properties doesn't mean you have income. They are living in one and the other is sitting empty

So I wonder how they managed before this inheritance came about...surely the issues if they had no money and didn't have any income would have come up before they received a large inheritance?

If anything, paying off their debts should mean they now have more monthly income.

Kayalana99

Bottom line you can't make people do what they don't want to do, it's their money and OP has already brought up this issue with them many times.

Sitting here discussing what they should and shouldn't do on an online fourm isn't going to achieve anything if the relvant parties don't actually want any help.

annandale

You could say that for more than one thread on the boards right now.

The most important thing is that they make wills, if they don't its very likely that the OP will be left with a huge mess to sort out.

Keep_pedalling

I think some people are being unfair to suggest the OP is more concerned about their own interests, in their situation I would be as equally concerned. The holidays sound fine, but buying a second property and leaving it empty while the house you live in is left to rot is not a recipe for a comfortable old age.

Pollycat

annandale wrote: »

The most important thing is that they make wills, if they don't its very likely that the OP will be left with a huge mess to sort out.

But the Mum doesn't seem to want to make a will and the Dad may have just agreed to get the OP off his back.

hanna_mary105 wrote: »

My dad recently had a health scare and admitted that he doesn't have a will. I've managed to get him to agree to get a will sorted out, and also mentioned about power of attorney but he dismissed the idea saying 'if I lose my marbles just shoot me'. I also brought up that my mum should get a will done too, but she said 'don't worry, once he's gone I plan to stick around to spend his money!'. Basically whenever I speak to them about money they make a joke of it, and I can imagine them stuck in their crumbling house while starting to fall behind with bills.

Where do I even start trying to make them take this seriously?

Maybe they're not that bothered if the OP is left with a huge mess to sort out.

Kayalana99

Keep_pedalling wrote: »

I think some people are being unfair to suggest the OP is more concerned about their own interests, in their situation I would be as equally concerned. The holidays sound fine, but buying a second property and leaving it empty while the house you live in is left to rot is not a recipe for a comfortable old age.

" They've just spent the rest of it on buying a property for cash, which sounds like a bit of a whim to me."

....OP hasn't even given them chance to breath before being worried about the house being empty, obviously it's going to be empty at this point as it sounds like they have literally just purchased it.

Perhaps it was purchased on a whim, but I've always jumped first and figured it out as I go along...if you plan everything to a T sometimes you never begin.

I'm sure two mature adults in their 60's are more then capable of handling their finances unless OP has reason to believe they aren't of sound mind, which doesn't seem to be the case here.

Fireflyaway

They are adults and whilst they are of sound mind they can do what they like, even if it seems foolish to you. They have a house and I'm guessing the light and heat is on and they have food? Apart from your good idea of finding a trustworthy financial advisor I don't think you can do much. Make sure you visit them regularly and be there for emotional support, but really their money is thier business and they could start to resent you keep going on about it, even if your intentions are good.

Malthusian

z1a wrote: »

Can't help wondering whose interest you have in mind here, theirs or yours?

What's wrong with thinking of both? On the face of it, if the OP's parents managed their money a bit better it would benefit both them and the OP. The parents would have more disposable income and their capital would be growing instead of depreciating in an empty and run-down house.

Should the OP only help her parents if she can ensure that she won't benefit by doing so - or to put it another way, should she leave her parents to suffer to make herself suffer as well? The cult of sacrifice...

Pollycat

In the first post, the OP mentioned 'siblings' so there must have been at 3 of them.

I wonder if they have contact with the OPs parents and what they think of the situation.
Personally, if I was worried about my parents' financial affairs and had 2 siblings, I'd be talking to them about how to make Mum & Dad see sense.

KRB2725

I'd be delighted if my parents took the approach that yours have. They live comfortably, but if I had my way they would blow the lot on travel and enjoying themselves whilst they're physically able to do so.

My parents are in their 70's and I would get much greater pleasure from seeing them enjoy their money (that they worked for) whilst they are able to rather than leave it to me and my sibling.

Let them enjoy their carefree spending, they still have assets and even if their rental property isn't suitable they could always sell both houses and buy something that does suit their needs (and possibly release some more money to enjoy themselves with!).

I would try and encourage making a Will/POA, but other than that I'd smile and let them get on with it.