Savings with power of attorney

JGB1955

When I sold my father's house, using his EPA, I was able to add the proceeds to his N,S & I account with no problem.  Having said that it WAS adding to an existing account, not opening a new one!  I had full internet access to his Santander bank account and closed his Barclays account very early on - my experience with them was dismal.

Shedman

Graciemumof5 said:

Joined the forum to see if there are any answers and bookmarked this page.  I'm in a similar situation in that my mother is in a care home with dementia, I have both POWs and sold her house last year.  I need to invest the money wisely, but I'm glad I've read this first.  Looks like I need to tread carefully and see where is best to invest the money to be able to pay the fees for as long as possible!

If you think your mum might be in the care home for a lengthy time (e.g. she has dementia but no other immediately obvious life threatening ailments) and you are worried that the funds would run out then it might be worth you having a look at an Immediate Needs Annuity (Long Term Care Annuity) as a form of insurance.  Like all insurances it's a risk/reward balance but it can give peace of mind that funding will be available not matter how long she lives.  The flipside is that you have to lay out a large lump sum at the outset and she may not live as long as expected and so you 'lose' out.  Its an option to be explored at least.  

Here's a link to something that explains them a bit:  https://www.unbiased.co.uk/discover/pensions-retirement/planning-for-retirement/what-is-an-immediate-needs-annuity-how-does-it-work

We took one out for the then 86 year old MiL, who is now coming up to 91, and if she lives another 18 months or so then the annuity would have broken even vs putting the lump sum into bank accounts and anything longer than that will be upside.