It’s “crucial” to “plan for the worst” sooner rather than later, he said
A finance expert has issued an “important” warning to unmarried couples in the UK. Regardless of how long you’ve been together, it is vital that you do a key job, he said.
He said it was essential thatyou should have a will. A will is a legal document that specifies how your money, property, and possessions should be distributed after your death. Typically, this is not something many of us will think about until we get old. However, Martin Lewis urged people to think about their wills sooner rather than later.
In an update on his Money Saving Expert (MSE) website, he said: “While we should all hope for the best, it’s also crucial to plan for the worst, as the knock-on financial and emotional costs of not engaging with these issues are more painful. This isn’t only for those with greying hair – if you have dependents, do consider all this.”
As part of his advice on wills, he listed unmarried couples among those who need to look into this as soon as possible. Martin explained: “Unmarried couple? A will is even more important.
“You may have lived together for 43 years and have had 17 children but that means almost nothing in law across most of the UK (and only a little bit more in Scotland). If one of you dies, the other won’t get anything without a will, possibly even not all the family home (it depends, see joint tenants vs tenants in common).
“For those who are married or in a Civil Partnership, the intestacy rules mean your spouse will inherit at least some of your assets.”
How to set up a will for less
Usually you will need a solicitor to draft your will, which normally costs “many £100s”. But there are ways to get a will made for cheaper.
Free Wills Month
For those aged 55 or over, taking part in Free Wills Month is one option. During March and October, you can book a solicitor to draft a will for free, in return for a potential charitable donation.
Martin shared the following points about this scheme:
- It covers a single will for anyone aged 55+, or a ‘mirror will’ for couples where the wills are near-identical, as long as one is 55+ (simple circumstances only)
- As long as it’s booked in March, the appointment can be after
- It’s organised in the hope you’ll leave a bequest (money in your will) of £300 to £1,000 or a percentage of your estate to charity. It’s not compulsory, but it is a charity scheme, so do what you can
- Charities include Age UK, Alzheimer’s Research UK, Breast Cancer Now, Help for Heroes, Mind, Stroke Association and more. It’s been running for 20+ years and raises £30m for good causes annually
Octopus legacy free wills
Octopus Legacy (sister company of Octopus Energy) runs its “free will” scheme in February and March in England and Wales. These are available for people aged 18 and above, however, they’re not solicitor-drafted, they’re drafted by its team and then overseen by a solicitor (unless it’s complex, when there can be a fee and a solicitor does it all).
It hopes you’ll leave a bequest to one of 150 or more charities supporting the scheme, but it’s not compulsory. Charities include ActionAid, Macmillan, RSPB and more.
For more information on these and other free will schemes, visit the MSE website here.
