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21 March 2023
Financial expert Martin Lewis has on a recent Money TV show highlighted the need to discuss the three D’s, Death, Divorce and Dementia and how these issues can impact on our lives.
Often the sensitive topics are worthy of conversation; who would you trust to look after your finances if you could not? If you were to separate, would you even know what's in the financial pot for allocation?
In many instances one partner in the relationship, takes the lead with managing the finances. Historically that would have been the husband but how would the other fair, if left to cope alone due to death or ill health? How is the mortgage be paid? How much is in your pension pot? How are the utility readings and bills dealt with? Can you remember who actually owns your home and in what shares? How would the mortgage be paid off on death? Do you know the passwords for your online accounts?
It would be worth making the time to share knowledge. If bills are paid from an account in the name of only one partner, the other may not have access. Consider the benefits of Lasting Powers of Attorney (LPAs) for property and financial affairs and health and welfare. If you lose capacity and do not have an LPA then someone has to apply to the Court of Protection for a Deputyship Order to manage the financial affairs. This is a troublesome, costly and involved process.
Making a will enables you to state who sorts out your finances when you die (executors) and who inherits your assets. This is especially important for unmarried couples because without a valid will stating the arrangements the law (intestacy rules) only provides for spouses and civil partners and your children in the first instance. It really is better for you to take control and think ahead. At emotionally testing times the last thing loved ones need to be worrying about is finances. In all these scenarios we can advise and support you to get your affairs in order.
Contact Lucy Horsington on 01935 811313 lucy.horsington@battens.co.uk
