What to do with £50k

[DtPeabodysLoosePants]

If you were 80 and had a lump sum of £50k from a house sale what would you do with it?

If I didn't need/want anything I'd give it to my kids/grandkids.

Need more info.

Am I in my own home? A care home? Am I fit and healthy?

If I was fit and able I’d take my family on a fabulous holiday. I’d then keep some for unexpected expenses and gift the rest to my kids/grandkids (imagining I don’t have anyone close in desperate need etc).

If I was eighty and had loads of money already I would put it in a high interest saver and will it to my kids. If I were eighty and hard up I would use it to help me live comfortably.

Do I have money saved to provide for care and support if and when I need it? Do I have money to use for adaptations to the house if I need them?

Do I have any family that I might want to treat?

Travel around the world with hubby and kids/ grandkids

I'd give it to my favourite mner. Always loved you op

Fit and well in a retirement apartment with no mortgage. Pension income means just enough to live on with all bills etc. 4 adult kids, 12 grandkids of various ages 4-30.

No savings for anything already, just this lump sum.

If there are no other savings, definitely keep it. In future they may need a care package or to move to somewhere with nursing care, and having your own money means choices and greater independence.

Keep it. £50K is not loads and 80 is not ancient. Might well be needed in the future.

Have they made funeral provision?

At 80, you’d only want up be giving away as a gift £3K per year to any one person, in case you died within 7 years.

So maybe would give away £3K per child and £1K per grandchild to take savings below the threshold for care stuff/benefits, then hang on to the rest.

Save most of it and give the rest away to family.

Who is funding her care if you're thinking of using the money to splurge ?

Around the world cruise.

If keeping it would you just put it in s high interest account?

What's the threshold for savings and needing care? Although past experience has shown that council care services are shite and I've ended up doing most of it for her.

I believe the threshold for self funding care is £23,250, so she would be in the position of not being eligible for care initially, but not having enough to fund it long term.

So if she wants to get rid of some, is there anything she would like? A couple of really good holidays while she is fit and able to enjoy them? If she wants to gift some money she could give a little to each of the grandchildren?

Holidays definitely but I wouldn't be giving to the grandkids if I hadn't given to my kids first. I really don't understand bypassing your own adult kids. I'd probably spend 5-10k on holidays and things I want, give each of my 4 kids 2k and 500 to each of the grandchildren and keep the rest

If I was downsizing my house at 80 to release capital, presumably I would want the capital to live of off.

I would think, honestly, I would use it to improve my quality of life and be able to live to the end without worrying. Anything left once I'd passed away would go to my children/grandchildren or whoever else I'd willed it to.

Set up Lasting Powers of Attorney, if not already done
Pay off any debts
Buy any necessities currently needed
Buy any equipment or make any decorations, improvements or adaptations to the house that are likely to be needed in the future, as it's less disruptive to do them whilst still active
Buy any luxuries/ fulfil any long-held dreams, e.g. travel
Buy a funeral plan
Give away an amount per child and grandchild
Spend the rest on topping up any future care package and on equipment and services to make life easier and take pressure off younger generation to provide, e.g. employ a cleaner rather than expect DC to do it when you can't
Make a will

Get stuff done in the house like a lovely wet room with one of those blow dryers for your body and a stairlift.
Get ramps or ensure house is accessible, hire a cleaner, a gardener and a PA to get my shopping/pick up prescriptions/organise stuff etc.
That’d take me down to the threshold for care provision from the council.

The apartment is fully accessible with no steps anywhere. The 50 is what would be left after she'd done what she wants with the place.

The shower is a large walk in one so no need to do anything with the bathroom. The gardens are maintained by the maintenance company so no need for a gardener.

Pension income means just enough to live on with all bills etc.

Just enough?

I would keep it in the bank and be comfortable for the foreseeable.

Threshold for savings and care wouldn't come into it. I would 100% keep it so I wasn't 'just' living.

My advice was to keep some of it in the bank for general living things and put the rest in a high interest account. Thatcwas she can transfer it as she needs it. Another sibling thinks she needs a financial advisor.