Savings & Benefits

boasey

My dad is housebound and I help look after him but I may need to get a second carer to visit him weekly as I don't live close enough to see him every day. He has £10k in savings in his home and refuses to put it into a bank. He says he doesn't trust them anyway (he's old school). So he has asked me to mind it for him as he also doesn't trust carers in his home when I am not there.

I don't want to keep it in my house and I would put it in a bank account or invest it but my wife is disabled and claims DLA and ESA (income-related) and I get carers allowance so concerned it may affect her benefits.

What do you advise please?

colsten

If your dad insists on his money losing value to inflation by keeping it at home, he should invest in a small safe that can be fixed to a shelf or to the floor. Best to choose one with a combination lock, then he doesn't have to worry about hiding the key. A safe would also provide a limited protection against fire.

sal_III

Get a cheap safe for like £30 and hide it somewhere. Wont stop burglars that can either just pickup the whole thing or easily break it, but should be plenty enough to deter opportunistic theft by a carer. This should have been done long ago IMHO with £10k in cash.

In any case install a webcam or two to monitor the carer, not just for the protection of the money, but your father as well.

Flobberchops

Yes, if the money is held in either your or your wife's name it will reduce her means-tested benefits.


Your dad is being awkward and also fairly unreasonable in not managing his own money, especially as putting the responsibility on you would put you at a financial disadvantage.


If he's really that "old school" suggest he spends some of his money on a decent wall or floor safe, and keep the remaining cash in that. He could entrust you with the code or a set of keys in case he is ever incapacitated.

Malthusian

Has he made Lasting Powers of Attorney? If he's asking you to look after his money then he should do the job properly.

You cannot legally take the money off him and keep it as cash in your house, as you would be in breach of your duty as trustee / attorney.

Is the money covered by his home insurance policy? £10k in cash wouldn't be covered by a standard policy but it should be possible to get it insured for an extra premium.

I am loath to suggest he buys a cheap safe as a stopgap solution, because if you are properly insured, safes are nothing but a health risk if they're being used to hold replaceable assets of no sentimental value, like cash. Any home safe can be opened with a pair of pliers, regardless of how expensive or solid it is.

boasey

Thank you. Good advice but he doesn't even have the internet so a camera is a no go.

boasey

Flobberchops wrote: »

Your dad is being awkward and also fairly unreasonable in not managing his own money, especially as putting the responsibility on you would put you at a financial disadvantage.

Thanks for the advice.

He is not being awkward, he is 84, disabled and housebound!

boasey

Malthusian wrote: »

Has he made Lasting Powers of Attorney? If he's asking you to look after his money then he should do the job properly.

Is the money covered by his home insurance policy? £10k in cash wouldn't be covered by a standard policy but it should be possible to get it insured for an extra premium.

Thank you for the solid advice.