Hi
I am a CoP Deputy for the finances of my dad who is in care home following a significant stroke over a year ago.
I am sorting out his various bank accounts that he seems to have collected and I'm now thinking about some shares he has in about 8 companies a total of about £8,000. I have registered my self with these companies and now get all communications, dividends etc. to my address.
My question is really what shall I do with these shares? My instinct is to cash them in to amalgamate his money in to a much more managegable list of Current account, Savings account, Cash ISa. (rather than have smaller amounts in a number of places).
However I'm also thinking about what would be best for him and my role as Deputy to look after his money. In which case does this lead me to retain the shares (which I guess their value can can increase or reduce) and then leave them as is to be sorted out by the executor of his will in the future (also me but with a solicitor who's charges are probably not insignificant...).
My gut feel is to sell the shares, amalgamate his cash now, remove risks of share price reduction and potentialy reduce the solicitor executor costs for the shares by reducing the complexity of my dads finances. (but also potentialy loose out on any share price increase).
Any guidence from anyone from the past?
Many thanks!
A
I am a CoP Deputy for the finances of my dad who is in care home following a significant stroke over a year ago.
I am sorting out his various bank accounts that he seems to have collected and I'm now thinking about some shares he has in about 8 companies a total of about £8,000. I have registered my self with these companies and now get all communications, dividends etc. to my address.
My question is really what shall I do with these shares? My instinct is to cash them in to amalgamate his money in to a much more managegable list of Current account, Savings account, Cash ISa. (rather than have smaller amounts in a number of places).
However I'm also thinking about what would be best for him and my role as Deputy to look after his money. In which case does this lead me to retain the shares (which I guess their value can can increase or reduce) and then leave them as is to be sorted out by the executor of his will in the future (also me but with a solicitor who's charges are probably not insignificant...).
My gut feel is to sell the shares, amalgamate his cash now, remove risks of share price reduction and potentialy reduce the solicitor executor costs for the shares by reducing the complexity of my dads finances. (but also potentialy loose out on any share price increase).
Any guidence from anyone from the past?
Many thanks!
A