Handling savings for elderly parents

lr1277

You and your parents might want to think about credit cards. I don’t know if they have credit cards or even if they are interested in having credit cards.

My mum was mainly a secondary card holder on my dad’s cards. So when he died and we informed the banks, the secondary cards would gave stopped working. I am led to believe getting a credit card when retired with no credit card history can be difficult.

Fortunately for my mum Nationwide offered her a credit card when she had no income but did have a (joint) current account with them. Dad’s salary and pension were not paid into this account. But Nationwide offered and mum accepted. This meant she had added to her credit file by using and paying off the credit card in a sensible way. This meant she could get a credit card from her bank after dad’s death. It helped that both her pensions were paid into this bank’s current account.

LifeAfterForty

Thanks again for all the advice and food for thought. I knew you guys wouldn't let me down :)

There is so much to think about and it's not a thing most people want to discuss. This forum is such a valuable resource.

Andystriker

https://forums.moneysavingexpert.com/discussion/comment/82089018#Comment_82089018

It was totally out of order.

It did not come across as clarification, it was an uncalled for comment.

mebu60

https://forums.moneysavingexpert.com/discussion/comment/82089663#Comment_82089663

I disagree. I thought it was a timely highlight early in the thread of an aspect often forgotten that many people are often unaware of as seen in multiple threads. I would rather these observations are made. Perhaps they should be read on the basis that the person making the comment, especially if they are a regular constructive contributor, is not meaning it as anything personal and if it appears ambiguous the positive meaning should be attributed.

artyboy

https://forums.moneysavingexpert.com/discussion/comment/82089859#Comment_82089859

Quite so, rather surprised at the somewhat visceral reaction that certain posters had to what was, frankly, a pretty mild comment.

Perhaps people take offence on behalf of others a little too easily these days…

Heedtheadvice

No only that where there is POA involved the Attorney's wish is totally irrelevant by law.

Now is an ideal time to have the parents wishes clarified and understood before the POA is actioned.

The wishes comment is 100% valid

LifeAfterForty

Rest assured I have no desire to override their wishes or best interests. I thought my original comment about making the money accessible for their care needs conveyed that point. If anything, I've had to talk them out of trying to do silly things like putting their new house in my name… I already have more money than I require and was just trying to canvas ideas on how best to invest/stash their money for them. The original 'clarification' elicited just an eye-roll from me, but it does feel like it's getting a bit out of hand now. Thanks for all of the constructive advice nonetheless.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82090522#Comment_82090522

I've no desire to pour petrol on what seems to have developed into a bit of a fire but would just like to point out that the context of my original comment included your reference to how you'd been listening to gloomy investment and currency forecasts.

Saving is undoubtedly a more appropriate direction than investing here but only because (a) the donors' money is potentially needed in five years and (b) they have low risk tolerance, whereas the attorney's personal risk tolerance and opinions about short term investment outlook shouldn't be factors in the decision - you'll have had your own reasons for mentioning those, but it didn't seem particularly controversial to observe that they're not actually relevant, just in case you weren't aware of that…

Andystriker

https://forums.moneysavingexpert.com/discussion/comment/82090522#Comment_82090522

You're original post made it clear that you have no intention to override their wishes or best interests. Your parents asked for your help, and as such your views are welcome and relevant to them.

You do not need to be reminded about how you will put the best interests of your parents first, as it has nothing to do with anyone else on this message board.

I wish you well.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82088959#Comment_82088959

State pension inheritance - now largely irrelevant for most people as legislation has changed - is a complex, and individual, matter. What applied to one person might not apply to another as their respective circumstances might be different.

The very best resource for state pension queries I have come across is a completely free of charge Facebook group staffed by expert volunteers, but there is also the MSE Pensions board.