Hello everyone. My uncle is not the best saver or even spender. He has close to no saving at 64 and is likely to receive a very small pension (probably less than 1000euros).
From his share of inheritance, which he's receiving from the middle east after my grandpa passed away, his share will be around 50,000 euros (from the exact sum he has no idea).
However, my dad and my aunt are very afraid he's going to go on a spending spree (he's a hoarder, and frivilous spender on non-essential items: e.g. 1000euro wasching machine for 1 person) and end up in the exact same place, often requiring furthur support.
Is there such an account, where instead of investing the money, one could give it to the bank and receive monthly payments? I know you can invest e.g. 100 euros and receive 6 euros every year in return, and have 100 euros saved as well. But what if you actually don't want to save that 100 euros, and receive lifelong payments (or limited to, say, 30 years)? I'm not sure if this is a feasable thing. Any ideas are welcome. How best can I, the nephew, manage the money best for him? (He would not object to me managing the money, but he would not take advice if it was given to him)
Note: he has no family to inherit the money further. (I'll likely end up being the recepient, but we want to put his financial interest first)
tl;dr: title+bold
Submitted August 19, 2017 at 07:26AM by kebaball http://ift.tt/2vMrjF4
