Advice on holding onto cash on behalf of vulnerable mother

B

Bigsky

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Hi All,

My mother retired early last year on ill health and received her NRA lump sum and pension benefits. She lives in the UK. She has asked if I can take and hold £35K for her.

Here's the issue and context.

From £55k lump sum she has £35k left with little to show. Her ill health includes alcoholism which is ongoing and I have a brother and sister who are taking advantage and bleeding her dry. She has enough pension to live comfortably month to month.

Any advice here? If I agree, what do I need to look out for? I'm also concerned about transferring a large sum like that cross border, currency fees etc.

TIA
 
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The big issue here is how to keep this money safe from your siblings and from your mother drinking it.

The best approach might be to buy an annuity. Here are some rates currently available in the UK.

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So if she is 60, her £35,000 will get her about £2,200 a year.

If she dies the following day, the money is gone.


She might be able to get a better rate as she has illnesses and so is not expected to live as long as the average person her age.

 
Preserving the money is more important than saving on exchange costs. But it is something to be wary of.

You might be better off opening a sterling account in the UK or Northern Ireland to avoid such costs.

Brendan
 
Brendan thanks for taking the time to respond. She is indeed 60 and has a good monthly income from her pension for the rest of her life. No mortgage or debts.

I think keeping it in sterling account might be the easiest option so I'll explore the possibilities of opening a sterling account. Preserving the money is the priority so thanks for reminding me of that.
 
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