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Martin Lewis has issued a crucial warning to couples, urging them to ensure they have a will in place and offering key advice on how to secure one for free or at a low cost.
Without a will, your assets are distributed according to the rules of intestacy. These rules vary depending on where you live – but for those residing in England and Wales, if you’re married or in a civil partnership, your spouse would automatically inherit the first £322,000 of your estate. If your estate is valued over £322,000, then anything above this amount is divided between your spouse and children. The spouse would inherit half of the remaining assets, and then the other half would be divided equally among children and grandchildren.
Martin Lewis shared a warning to couples who live together but are unmarried
(Image: ITV)
The rules differ in Scotland and Northern Ireland. In a recent episode of the Martin Lewis Money Show Live, money-saving guru Martin emphasised the importance of having a will in place, as it allows “you decide” what happens to your assets.
He explained: “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. 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 your children. Now you might have adult children from a previous relationship that you want to protect. They might get nothing if you don’t have a will. Doing a will means you decide”, reports the Mirror.
Martin, the finance guru behind MoneySavingExpert.com (MSE), has issued a stark warning to unmarried couples cohabiting without a will or legal contract. He emphasised the harsh reality of the law: without proper arrangements, partners are not legally entitled to inheritance.
He pointed out that even if a couple has been together for decades and shares children, they are unprotected by intestacy laws which favour spouses or civil partners. Martin highlighted that in cases where properties are not jointly owned as joint tenants, the surviving partner could face losing their home.
In a crucial alert to all unmarried couples, Martin stated, “Wills are so important because you generally have no status in law. The intestacy rules go to a spouse or a civil partner – they don’t go to an unmarried couple. I don’t care if you lived together 20 years and you have 30 kids, it doesn’t matter. You might, depending on the way it’s structured, you might not even get the family home. That’s the general rule.”
Additionally, Martin underscored the opportunity presented by Free Wills Month, a campaign offering free solicitor-drafted wills twice a year, in March and October. This initiative serves dual purposes – providing free will services while encouraging individuals to support a charity in the will.
Typically, people tend to leave between £300 and £1,000, or a small percentage of their estate, but it’s entirely up to you whether you want to leave anything at all. There’s also the Will Aid initiative that runs throughout November across the UK, where you’re encouraged to make a charity donation.
For a single will, they suggest a donation of £100, while for a mirror will, the suggested donation is £180.
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