Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    Noggin the Nog
    How to manage elderly parents' finances?
    • #1
    • 14th May 10, 1:08 PM
    How to manage elderly parents' finances? 14th May 10 at 1:08 PM
    I'm stepping in to help my elderly mother manage her and my dad's finances. They are both 80 years old. He has dementia as well as being physically frail and we will need now to draw on his money to pay for care that he now needs. My mum and I both have Enduring Power of Attorney and we are about to register it because of his mental incapacity. It's also become clear (today!) that my mum is struggling to keep track of finances and doesn't know how to manage my dad's financial affairs in this new situation - whether to start cashing in various different types of investments and so on. So I must step in and help, and probably take over as much as possible to relieve her of the burden and worry.

    I realise we're extremely lucky in that he has savings and investments to manage! However, I've never dealt with stocks and bonds and whatnot or dealt with an EPA and I feel rather daunted. I feel a great responsibility to manage their affairs for the best.

    Does anyone know of any good books or internet resources specifically on taking over the management of your elderly parents' finances? Or just on financial management for the very elderly, i.e. what's wise when you're in your eighties? I've found a couple of American books on Amazon but no UK ones, and have been surprised by the lack of stuff on the net (that I can find, anyway).

    It's clear I'll have to consult an IFA but I'd like to be clued up first and I'd like to have some basic info that will take me through the first few days and weeks of EPA-ing and so on, particularly in terms of how to draw on my dad's money to fund his care.

    I'd be very grateful for any suggestions - it's a privilege to be able to help my parents but I don't want to mess it up!
Page 1
    • Zebra
    • By Zebra 14th May 10, 7:16 PM
    • 5,747 Posts
    • 14,244 Thanks
    • #2
    • 14th May 10, 7:16 PM
    • #2
    • 14th May 10, 7:16 PM
    Have you tried some of the charities for elderly people like Age Concern or Help The Aged - they produce certain guides and leaflets, and there may be something suitable on their websites.

    There's also some threads on funding care for the elderly on the Silver Savers board.
    For example

    Good Luck.
  • Noggin the Nog
    • #3
    • 17th May 10, 8:13 PM
    • #3
    • 17th May 10, 8:13 PM
    Thanks, Zebra - there's suprisingly little of any relevance on those sites but they're very good for other stuff. Thanks for the link to the other thread, NHS continuing care may be something we look at down the line.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,047Posts Today

7,864Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin