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  • FIRST POST
    • wizzywilc
    • By wizzywilc 15th Sep 18, 8:03 AM
    • 23Posts
    • 34Thanks
    wizzywilc
    Safeguarding large sum of money
    • #1
    • 15th Sep 18, 8:03 AM
    Safeguarding large sum of money 15th Sep 18 at 8:03 AM
    A relative in his twenties is due to inherit over £500,000. He is intelligent and has mental capacity. However he has little experience of managing money, a trusting and generous nature, and mental health problems. He feels at risk of financial exploitation, and of making foolish decisions and wants to do what he can to safeguard himself against this risk.
    He will need regular access to money for living expenses, so arrangements shouldn’t be too cumbersome. He could possibly grant a power of attorney, or hold money in an account which requires two signatures. Does anyone have experience of, or advice on, suitable arrangements?
Page 1
    • 50Twuncle
    • By 50Twuncle 16th Sep 18, 3:57 PM
    • 9,133 Posts
    • 2,309 Thanks
    50Twuncle
    • #2
    • 16th Sep 18, 3:57 PM
    • #2
    • 16th Sep 18, 3:57 PM
    A relative in his twenties is due to inherit over £500,000. He is intelligent and has mental capacity. However he has little experience of managing money, a trusting and generous nature, and mental health problems. He feels at risk of financial exploitation, and of making foolish decisions and wants to do what he can to safeguard himself against this risk.
    He will need regular access to money for living expenses, so arrangements shouldn’t be too cumbersome. He could possibly grant a power of attorney, or hold money in an account which requires two signatures. Does anyone have experience of, or advice on, suitable arrangements?
    Originally posted by wizzywilc

    Wrong forum - this is DISABILITY money matters !
    You have assumed that he is capable and money conscious
    • kingfisherblue
    • By kingfisherblue 16th Sep 18, 4:14 PM
    • 8,422 Posts
    • 18,221 Thanks
    kingfisherblue
    • #3
    • 16th Sep 18, 4:14 PM
    • #3
    • 16th Sep 18, 4:14 PM
    Wrong forum - this is DISABILITY money matters !
    You have assumed that he is capable and money conscious
    Originally posted by 50Twuncle

    The OP mentioned mental health problems - are they no longer classed as disabling? Even if it is the wrong board, then you could be a little more friendly.
    • venison
    • By venison 16th Sep 18, 6:14 PM
    • 3,117 Posts
    • 4,000 Thanks
    venison
    • #4
    • 16th Sep 18, 6:14 PM
    • #4
    • 16th Sep 18, 6:14 PM
    OP the best way to go would be for him to get some legal advice.
    If you fail to prepare, you must be prepared to fail.
    • wizzywilc
    • By wizzywilc 17th Sep 18, 9:11 AM
    • 23 Posts
    • 34 Thanks
    wizzywilc
    • #5
    • 17th Sep 18, 9:11 AM
    • #5
    • 17th Sep 18, 9:11 AM
    I wasn't sure which board to put my query on, and placed it here because I thought there might be people using this board who would have relevant experience. If anyone can suggest a more suitable board I will re-post. The person in question is disabled, as recognised by eligibility for PIP.
    Thank you Sunny Intervals for some helpful suggestions.
    • tacpot12
    • By tacpot12 17th Sep 18, 1:01 PM
    • 2,286 Posts
    • 1,986 Thanks
    tacpot12
    • #6
    • 17th Sep 18, 1:01 PM
    • #6
    • 17th Sep 18, 1:01 PM
    Paying an IFA to manage the money would not be a bad idea. Lots of financially-savvy people do this because they don't want the hassle of day-to-day management of a portfolio of investments, or they think a professional will do it better than they can.

    A professionally-run income portfolio will produce a steady stream of income that your relative can live off, and the capital would still be available for emergencies. Having to ask the portfolio manager to release any capital would allow the manager to check the reason why the money was needed and step in if your relative appeared to be being taken advantage of.

    The amount of income can be adjusted at short notice, if your relative finds that they have underprovided for their needs.
    • Durham andrew
    • By Durham andrew 23rd Sep 18, 1:57 PM
    • 36 Posts
    • 53 Thanks
    Durham andrew
    • #7
    • 23rd Sep 18, 1:57 PM
    • #7
    • 23rd Sep 18, 1:57 PM
    Wrong forum - this is DISABILITY money matters !
    You have assumed that he is capable and money conscious
    Originally posted by 50Twuncle
    OP ignore him threre are always people like him/her on these boards. Last week I had a couple that where more concerned about my spelling mistakes than what I was asking
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