Talk Money Week: Time to Get Your Affairs in Order
“Talk Money Week” (held every November) is all about breaking the taboo around money, encouraging families to have honest, practical conversations about finances. For me, as a professional Will writer and estate planner, this week shines a light on something even more important: talking not just about your money, but about what happens if you can’t manage it yourself. Not everyone will ever have an accident or a stroke, but it is reckoned that 3 in 10 of today’s children will suffer from dementia.
Why Talking About Money Matters
Many families simply don’t talk about the “what ifs” — what if one partner became ill, or couldn’t make decisions anymore? What if the bank froze a joint account because one person was thought to have lost mental capacity? These conversations might feel uncomfortable, but they can save huge stress later on.
In one case, a lady’s husband went into a nursing home because his knees had given out — not because he’d lost his memory or his mind. But because the bank decided he might not be able to manage his own affairs, they froze the couple’s joint account. She suddenly couldn’t pay their bills or even buy food without borrowing from friends. It took months of back-and-forth paperwork before the bank finally relented — and even then, the experience left her shaken and angry.
A simple Property and Financial Affairs Lasting Power of Attorney (LPA) would have prevented that whole nightmare and it was the final solution, but it typically takes over two months to register a Lasting Power of Attorney — a long time to be without access to your bank account.
What a Property and Financial Affairs LPA Does
A Property and Financial Affairs LPA allows you to appoint people you trust, often your partner or adult children, to manage your financial affairs if you become unable to. That could mean:
• Paying bills, managing your bank accounts and pensions
• Dealing with investments or property
• Communicating with banks, energy companies, and HMRC on your behalf
The key thing is that you choose who acts for you and you set the rules. Without one, your family has to apply through the Court of Protection — a slow, expensive, and distressing process, especially when money is urgently needed. In many cases, the Court will appoint professionals to run your life at your expense. So make your choice in advance of misfortune.
Health and Welfare LPAs – Equally Important
While the financial LPA looks after your money and property, the Health and Welfare LPA covers personal decisions about your care, living arrangements, and medical treatment. Without one, those choices may be made by social services or doctors, not your family. It’s especially useful if you have strong feelings about staying at home, certain treatments, or who should make those calls.
Wills Still Matter Too
LPAs protect you while you’re alive, your Will protects your wishes after you’ve gone. Talk Money Week is a great time to review your Will and make sure it still fits your life today. Have you:
• Moved house?
• Married, divorced, or had grandchildren?
• Appointed executors who are still willing and able?
If your Will doesn’t reflect your current situation, it can cause confusion or disputes later on. A quick review now can prevent a lot of heartache and unnecessary costs.
How to Start the Conversation
You don’t have to tackle everything in one go. Here’s a simple way to start:
Ask your family, “What would happen if one of us couldn’t manage the finances for a while?”
Check whether you each have LPAs and an up-to-date Will.
If not, get clear, friendly advice before doing anything — it’s easier (and cheaper) to get it right first time.
A Free, No-Obligation Chat
If Talk Money Week has got you thinking, I offer a free, no-obligation opportunity to ask questions about Wills, LPAs, or Inheritance Tax planning. It’s a relaxed, private chat — no sales pitch — just practical answers to help you make informed decisions.
Call 01323 766766 or use the contact form to get in touch.
