Investing proceeds of house sale

[TerpsichoreanMuse]

Hi,

My father, who lives in a care home, has recently sold his house. What's the best place fir him to put the proceeds? Obviously security is high on the list, but also, sadly, that the money isn't too tied up in case he dies.

Does he need the sale proceeds to fund his care?

No, he's lucky enough to have a Civil service pension.

I would initially dump it in NS&I Direct Saver as it can take up to £2million and is Treasury backed, so no issue being over FSCS protection limit.

I would split it in to buckets:
Cash - Premium bonds, £50k
S&S ISA - £20k per tax year. In something of maybe Balanced risk, 60/40 perhaps.

Maxing out the tax free buckets, then it would depend on his attitude to risk and capability to manage accounts.

If this is several hundred thousand, probably wise to get help from a financial planner, someone who can lay out a plan and implement it.

Be mindful of any potential IHT liabilities he may have so that you don't inadvertently increase them if you do anything other than retain the sale proceeds in cash.

Thanks both, will look into those suggestions. I know he's already thinking of another ISA in April.