This month a solicitor can draft your will for free
Martin Lewis has addressed the importance of having a will. During The Martin Lewis Money Show Live, the expert was joined by solicitors and specialists to cover the topics of wills, lasting power of attorney and inheritance tax. The Money Saving Expert said: “Tonight is about difficult but crucial conversations, none of us will last forever.”
He added: “No one wants to talk about the three D’s (death, divorce and dementia) but we need to prepare for them. The knock-on financial and emotional cost of not doing so can cause your loved ones terrible pain.”
Martin covered the differences between a will and a power of attorney, he said: “A will works out what will happen to your assets when you die, a power of attorney is about what happens if you’re living and you lose your faculties- who is going to take care of your finances for you. Most people need both, they’re not an either or.”
He went on to explain that wills are “incredibly important.” He said: “Solicitor drafted wills are the gold standard and you should be looking at them. But right now, there are ways to get free solicitor drafted wills.”
“Wills normally cost hundreds of pounds to do. If you have assets, do a will so you get to decide where they go. If you die ‘will less’, the state decides where your assets are directed and it depends on which of the UK nations you’re in. If you’re in England for example, if you’re married the first 322,000 goes to your spouse, after that it’s divided between your spouse and children.”
This month, March is free wills month for those aged 55+. The expert said: “These are solicitor drafted wills, single wills or a mirror will (where you and your spouse have exactly the same wills reflecting off each other).” This month it is possible to get free will in some locations including Leeds, Liverpool, London, Birmingham and Edinburgh. Later in October, other areas get access to the facility online, in Manchester, Nottinghamshire, Northern Ireland and Cornwall.
The Money Saving Expert explains: “A solicitor will draft the will for free. 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+ (provided your circumstances are relatively simple). As long as it’s booked in March, the appointment can be after.
“It’s organised for Age UK, Alzheimer’s Research UK, British Heart Foundation, Marie Curie, Mind, Help for Heroes and more, in the hope you’ll leave them a bequest (money in your will) of typically £300 to £1,000, or a percentage of your estate. It’s not compulsory, but it is a charity scheme, so do what you can. The scheme’s in its 20th year and raises £30m for good causes annually.”
“Octopus Legacy (the wills sister firm to Octopus Energy) is running its own March ‘free will’ month for adults across the UK. Wills can be done online, via phone/video, or during a home visit. Yet 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).”
Now is the best time to look into getting a will for free, as Martin also addressed the six things you need to know about wills:
1. Already got a will? Check it’s up to date (especially if you’ve married / divorced / become a parent since).
An out-of-date will is almost as bad as no will. In England, Wales and Northern Ireland (not Scotland), wills are usually revoked when you get married, so you’ll need a new one – and, in practice, similar may apply at divorce
2. Don’t accidentally leave your pension to your ex, you CAN’T put it in your will.
Die before taking your private or company pension, and the provider / trustees decide what to do with it. An expression of wishes (or nomination) form tells them your preference – it’s not binding, but usually does the job. Check you’ve done one and it’s up to date. There are horror stories out there from people who haven’t, yet thankfully word is getting about.
3. Unmarried couple? A will is even more important.
You may’ve lived together for decades and have 21 children, but that means almost nowt in law across most of the UK (you’ve slightly more rights in Scotland). If one of you dies, the other won’t get anything without a will, possibly even with the family home (then see joint tenants vs tenants in common). If you were married, the intestacy rules give primacy to your spouse. There are Inheritance Tax advantages too (a civil partnership does the same if you don’t like the baggage of marriage) – see my 9 financial benefits to marriage blog for more.
4. Store your will safely with instructions to executors on where they can find it.
Many solicitors store it for free. As this recent X reply shows: “@MartinSLewis A relative has recently and unexpectedly died. Her husband is in a care home with dementia. She was uncommunicative and estranged from many in the family. No one knows where her will was held or what her wishes were. It’s been six weeks now – sort your affairs out people!” See where to store your will.
5. Who’d look after your children if you died?
We all want to imagine we’ll see our little ones grow up, but not everyone gets to. I lost my mother while still a child, thankfully not both parents, but that happens too. So, the grown-up thing to do is consider and plan for this horrid eventuality (I hope I’ll end up having totally wasted your time). Read our what happens to my children if I die? help.
6. Socials & photos are an asset too – protect your digital legacy.
There’s no specific UK law on this, but you can grant individuals access to ‘digital assets’ in your will – social media, photos, videos, emails and so on. See the digital legacy blog. Some have had to take legal action when a lost loved one hadn’t specified access, so it’s worth doing the basics…
- List the digital assets you want to pass on, on paper.
- Back up important files (on an external hard drive if possible).
- Make a record of your decisions using a digital legacy template.
- Add a ‘legacy contact’ on a platform that allows it (Apple, Facebook, Google) – you could append this to your will.
The Martin Lewis Money Show Live airs on ITV1 on Tuesdays at 8pm.
