How To Agree On Life Plans

When it comes to practicalities about the future, does your partner want what you want? And if not, what can you do? Frances Quinn deals with a few tricky issues

He won’t look to the future

Q We’re in our fifties, and I want to get the Lasting Power of Attorney arranged for both of us. But my husband says I’m being morbid, and we don’t need to do it till we’re old.

A Lasting Power of Attorney (LPA) is a legal way of making sure that if through illness, you can’t make decisions for yourself, someone you nominate can do it for you. People often think it’s something to do when you’re old and infirm, but illness or accidents can strike at any age – and once you’ve become unable to make decisions, it’s too late to get an LPA. You can then end up having to go to court to get permission to make financial decisions for the person affected, which is expensive and stressful.

None of us really wants to think about becoming ill, but just as taking out home insurance doesn’t make you more likely to be burgled, planning for an illness doesn’t make it happen! You need to explain to your husband that doing this is no more than a sensible precaution – and one you’ll be very grateful you took, if and when the time comes. Given your age, I’d imagine there’s someone among your friends who’s had to look after the financial affairs of an elderly parent – if they’ve got an LPA, you could ask them to explain how it’s helped. And if they haven’t, their experience is even more likely to prove your case.

Is having lodgers the answer?

Q We’re rattling around in the family house that’s now too big for us, and I want to move somewhere smaller, and release some equity so we can enjoy our retirement. My partner’s suggested staying put, and taking in lodgers to make some extra money.