Money expert Martin Lewis has urged anyone aged over 55 to do one thing this March which will not only save you hundreds of pounds now, but could save you or your family thousands in future.
March is Free Wills Month, but it only applies to those aged over 55. Making a will is not necessarily the priority for most, but this slightly morbid chore is an absolute necessity, Martin warns, because if you don’t do it, you could end up facing higher inheritance tax bills in future. Or worse, your money could end up being given to the wrong person thanks to the way default ‘intestacy’ laws work where the person leaving money behind doesn’t have a will, or an up-to-date will.
Speaking on the latest episode of The Martin Lewis Money Show Live on Tuesday, March 3, Martin said: “Free solicitor drafted wills, they usually cost hundreds of pounds. Solicitor drafted is the gold standard.
“So let’s just start on the basic point. If you’ve got assets, you do a will, so you get to decide where they go. If you die without a will, what’s called the intestacy laws dictate where your assets go.
“In England for example the first £322,000 go to your spouse and then after that the rest would be split between your spouse and your children and a whole load of other complexities… so you’re not deciding.”
Martin explained that this could mean the ‘wrong people’ may inherit, for example if you had children from a previous relationship, all of your money would go to your children and not your partner because you’re not married, and it can also up your inheritance tax bill, and slows probate down.
Martin added: “The Free Wills Month Scheme is on in March for those aged 55+.
“Solicitor drafted wills, that’s the gold standard, or mirror wills, that’s when there’s two of you and basically it’s the same thing but in reverse.”
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Free Wills Month explains via its website: “Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using solicitors in selected locations across the UK.”
The Martin Lewis Money Show Live March 3 episode is still available to watch via ITVX.