Q: My sister and I are trustees of an investment our 68-year-old sister was left by our parents.
She is rather rash with money and Dad wanted to ensure she would eke it out and not blow it in one go. Our parents died 10 years ago and since then her inheritance money has reduced from around $80,000 to $30,000.
She has used some every now and then and has some of it on-call for this reason.
She is paid out $500 twice a year. The money was spread around over various so-called safe investments.
The best one ended up with South Canterbury Finance - I got the lawyer to move this before they folded. Most of it is now in term deposit or in an on-call account. The lawyer is concerned it is languishing in a low-return account. My other sister wants to invest in KiwiSaver but I'm not sure a) whether she would like this and b) whether she would be able to at her age? The final query is: does it have to be left in KiwiSaver for a minimum number of years?