Mum and Dads estate (they are still alive)

RAS

I was clearing my parent's house when they moved into care, and amongst a lot of dross found a file containing a whole life insurance policy.

I'd previously queried a very small DD which the bank could only advise related to insurance.

We could have paid the DD for decades before losing out. At that stage we realised that even if everything else went on care costs, the policy would cover a decent funeral. A small win at a nervous time.

otb666

I wish I had thought more about the house my in laws owned being appropriate when they worsen. They will get a lot worse around 85 to 90. Now might be the time to think about stair lift or moving to a small bungalow. Or get the builders in tp update and make things easier.I know my in laws both said they would be carried out in a box and its their decision but I will never forget the under takers trying to get down the dog leg stair case in a 1960s house. And then one parent trying to manage the house on their own with the horrendous stair case. I know for sure they were peeing in jug at the end to avoid taking stairs and not wanting to move into care home. Perhaps get them thinking now about how they can make it easier for the other one if they have less maintenance and more accessibility. Also try to de clutter their stuff. I never managed either of these mind as too soft. My own parents were quite happy to go in separate care homes and be looked after (their choice ) not much inheritance left there but they were well looked after for 5 years.

tetrarch

https://forums.moneysavingexpert.com/discussion/comment/82113513#Comment_82113513

Or, much more simply, get the LPA's done and register them with the relevant institutions

As someone has already stated, this should be done with you parents' understanding and effectively at their request.

I've been running my 87-y-o Mothers finances (investments, taxes) since my father died in 2014, but only registered the LPA last year and I now have direct, legal access to the accounts rather than using her passwords when visiting

My in-laws had no LPA in place and it was an absolute nightmare when dementia hit, and eventually ended, both of their lives

Regards

Tet

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82113433#Comment_82113433

 It is simply not affordable with an aging population for everyone to duck out of paying for their own care costs.

Very true, and also not fair expecting other council tax payers to pay your care costs.

Although I would say the current £23K limit is too low, or at least there should be a wider spread of where there is a joint contribution from LA and the individual.

Brie

https://forums.moneysavingexpert.com/discussion/comment/82113829#Comment_82113829

I quite agree that LPAs need doing. It's just that it's usually quicker and easier to get TPA set up while you're waiting on the LPAs. TPA gives the bank's blessing for someone to look after the account(s) and gets the individual a debit card so they can use an ATM. And it's free as opposed to £85+ for each LPA.

Cubicsrube

Speaking from having gone through this with 2 sets of parents recently, you’re thinking ahead and doing a lot of things right, OP - I hope your siblings appreciate it.

That said, if your only goal in ‘protecting their savings’ is to avoid paying for needed care, you won’t find a huge amount of sympathy here (not to mention that you would be in breach of your LPA duties).

Instead of asking to see their wills, I would suggest maybe asking your parents whether there is anything in their estate planning that would be helpful for you to know now as you take a bigger role in supporting their financial lives. Eg do their wills create trusts, are there any insurance policies, do they have specific priorities in the event their savings are depleted, where are their records kept, etc.

PierremontQuaker03

Thanks everyone, I'll get a copy of the Will and progress with the LPA's for both of them. One thing my parents have suggested is selling their bungalow and renting a flat (somewhere small with a smaller garden) - if all, or most of my parents assets are cash does that change anything - I might open then a Swiss bank account LOL

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82114637#Comment_82114637

Downsizing to something they can more easily manage may well be sensible, if it realises decent surplus capital to reinvest for more income on their behalf.

However the private rental market in England ( assuming that's where they are based) is the last place I would want to be a renter as a retiree, given there is realistically zero security of tenure even allowing for new Renters rights legislation now in force.

elsien

https://forums.moneysavingexpert.com/discussion/comment/82114637#Comment_82114637

It means that the money that they have released by selling their home would now count as assets for any care financial assessment where their property doesn’t.

In that respect, If they do want to go downsize, it would make more sense to buy rather than rent.
Is the property currently owned as joint tenants or tenants in common?

Mrs_Z

https://forums.moneysavingexpert.com/discussion/comment/82114637#Comment_82114637

https://forums.moneysavingexpert.com/discussion/comment/82114714#Comment_82114714

Poseidon1 made a good point about private rental and lack of security. I would suggest looking into Sheltered Housing schemes operated by Housing Associations. For many, you can apply directly (although the maybe a waiting list), you'd often have a warden on site, or at least allocated to the scheme and as long as you adhere to the tenancy conditions, you can expect security of tenure. On the downside, the service charges are likely to be on the higher side given the extra services but I'd still check it out as an option and how it'd compare to anything else out there.