Cash advice
1
WHO PAYS THE BILLS?
If your partner manages the household bills and insurance policies, make sure you know who your suppliers are and what the passwords are for the accounts. Speak to the provider about getting the non-account holder registered as someone authorised for them to talk to in an emergency.
2
INDEPENDENT ACCOUNTS
Similarly, for any accounts, investments or policies you hold on your own, make sure there is a list that either of you can go to for reference, should the need arise. This is especially important with online banking, as there may only be a paper trail in your emails. If you would rather not share this information unless necessary, it can be kept with your will by your solicitor.
3
BE PENSIONSAVVY
Women statistically have a lower income than men in retirement and over twothirds of pensioners living in poverty are women (according to Unison). It’s important to know how much you will have to retire on, individually and as a couple. If you don’t, find out – for you and your partner.
Most people work for more than one employer in a career. Do you have the details of all pensions you have contributed into? If you’ve lost track, use the Pension Tracing Service.
4
WRITE A WILL
A will is not a massive outlay, but it ensures you and your partner will be looked after if anything was to happen. ‘If you aren’t married, you have no automatic rights to your partner’s assets if they die – even in some circumstances where you own property together, you may not automatically be entitled to their share,’ says Martha. ‘If this is your situation, speak to a legal professional ASAP to make sure you have something in place to protect you (and your partner).’
5
BE PREPARED Lasting Power of Attorney documents (covering health and welfare, and financial matters) are useful to have ready at any age. They allow you to appoint someone to make important decisions for you if you are unable to do so through incapacity. You can download and fill in the paperwork, but it’s advisable to talk to a solicitor first.