DM was unexpectedly and sadly widowed last year. DSDad appears not to have had a life insurance policy but had paid into a pension fund which currently sits at around £120k and has passed fully to DM.
DM has been poor her whole life and consequently has no idea what she should do with this money. She rents a nice little house and from her state pension, savings and various other things DSDad put in place, can get by without drawing on this pot (though holidays, Christmas, new car etc would be funded from it) She's 70 now and the worry is that she will either,
a) not spend it and then need to hand it all over for any future care she may need
b) be scammed out of it. AFAIK she's not mentioned it to anyone but she's always been a soft touch and has been taken for a ride more than once before
She flatly refuses to see an IFA without me as she "wouldn't understand him" and seems to view the money as nice to have but maintains that she would "give every penny back if I could have DH back"
A friend with a very elderly mother who went downhill very fast has already advised that we sort out PoA, which DM is happy to do. Aside from that she's just viewing the money as a slightly overwhelming prospect that she'll deal with "in the future"
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What would you suggest DM does with this money?
10 replies
FaintlyBaffled · 31/01/2017 10:01
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