Inheritance suggestions for DF

[cocktailanddreams]

My DF is set to inherit possibly 200K from a long lots cousin. Its an overwhelming amount, he's 84, lives alone, house paid for. Current savings low and under threshold should he need care support at home.
He's no idea where to start with it, we will get a financial advisor for advice, however any ideas what you would do?

Whats his current lifestyle/health? I’d be splurging on holidays if I was fit enough; or considering adapting my home for future needs - walk in en-suite, a stairlift or domestic lift. I’d probably avoid moving home unless there is someone to remove all the hassle.

definitely needs to put financial poa in place and write a will.

Thanks for ideas, reasonable health but limited mobility and holidays (especially abroad) would be a no. House would benefit from stairlift, has walk in shower already. Lives within means currently, month left at end of month.

Will and POA recently done (before he was away of the inheritance), will remain the same regardless.

Employ a "housekeeper" (much nicer than carer or cleaner) that can do a few hours a week, keep him company and keep the house in order.

Future proof house for declining mobility, employ gardener and cleaner.

What does he enjoy doing? Meals out with family, hobbies, trip to somewhere he's always wanted to go? Definitely invest in some lovely treats for himself and his loved ones.

As an unexpected bonus I would be more inclined to spend than save if I was him!

Yes definitely some help in the house, if he'd accept it (I currently do it -work full time and have DC). Theatre and meals out, again that would be a with me so need more time to do so!

@cocktailanddreams don’t rule out a holiday abroad - airports provide assistance, cruise from a UKnport etc.

Maybe use that as an incentive - help around the house would free you up to spend better quality time together.

Totally agree about the incentive
Lovely opportunity to get rid of day to day chores and enjoy time together
Also agree about holidays. Maybe saga ones or cruises, or just a UK cottage or city break. Change of scene!

Join some social and hobby clubs and get taxis there and back if necessary.

Would he consider a deed of variation to the inheritance to give some of it to the beneficiaries of his will?

If he'd like to gift some of it before he officially receives it he can.

This removes it from inheritance planning and from care home fees as it doesn't come via him but via the solicitor.

It's called a deed of variation and all beneficiaries have to agree for this to happen.

Then a portion (£25k per person) can legally be transferred at source to new named beneficiaries.

Just worth baring this in mind should he be thinking along the lines of gifting.

Giving it away can be deprivation off assets unless there is inheritance tax at stake.

In his position I would get paid help in for cleaning and gardening and either move to a bungalow or ground floor flat and/or future proof my house as much as possible including getting it redecorated and having a wet room. I would also want some money for care home costs.