Martin Lewis issues stark financial warning to couples in the UK | UK | News
Death is never an easy topic to discuss – but financial guru Martin Lewis claims it’s time to face the music. Speaking on his latest BBC Sounds podcast, the 52-year-old unveiled a stark warning to couples across the UK who don’t want to think about making a Will.
Although Martin acknowledged it’s often a very emotive topic, he believes it’s crucial to deal with it ‘bluntly and unemotionally’. “I’m not saying you shouldn’t be emotional about it but we have to get it done,” he said on The Martin Lewis Podcast this week.
“So, we’re just going to talk straight and we’re going to call death, ‘death’. We’re not going to beat around the bush and we’re just going to use straightfoward language because that’s the best way to do it.” At the heart of his podcast were some words of wisdom to couples all over England, Wales and Northern Ireland.
It’s a myth to think that making a Will once and and never revisiting it will suffice to protect your family’s inheritance. Sometimes, these legal documents – which decide how a person’s estate should be distributed after their death – are ‘revoked’.
“You need an up-to-date Will,” he urged. “A Will is not good enough, you need an up-to-date Will, especially if you have gotten married. In England, Wales and Northern Ireland, not Scotland, Wills are often revoked when you get married, so you’ll need a new one.”
Martin also touched on Wills for unmarried couples and anyone in civil partnerships. You may assume that personal assets will be inherited by your partner after death, but if there’s no binding contract, it means ‘diddly squat’.
“If you are unmarried well, in law it basically means diddly squat – that’s the best way to think about it,” Martin emphasised. “It’s irrelevant, you may have been together for decades, everybody may know you’re a couple, you may have 35 children. In law, it means diddly squat.
“So you need, if you want to look after your inheritance, either to get a Will, or to do some form of contract, or do a civil partnership, or get married.”
The Government suggests that having an up-to-date Will could help avoid paying more inheritance tax than necessary. To set one up, Citizens Advice suggest it’s best to seek professional guidance, even though it’s possible to simply draw one up yourself.
Specifically referring to England, its advisors claim: ” It is generally advisable to use a solicitor or to have a solicitor check a Will you have drawn up to make sure it will have the effect you want. This is because it is easy to make mistakes and, if there are errors in the Will, this can cause problems after your death.
“Sorting out misunderstandings and disputes after your death may result in considerable legal costs, which will reduce the amount of money in the estate. You should remember that a solicitor will charge for their services in drawing up or checking a Will. They should give you the best possible information about the cost of their services.”
Meanwhile, Martin also recommends a number of charities that may help you set up a will for low rates or for free, though many invite users to make a voluntary donation. Free Wills Month and Will Aid were two organisations he mentioned.
