Martin Lewis has issued an urgent warning to unmarried couples who live together, stressing the importance of addressing will-related matters.
Appearing on ITV’s The Martin Lewis Money Show recently, the money saving expert outlined that even after decades of cohabitation and numerous children, legal protections are still lacking without a formal will.
According to Martin, not being married or in a civil partnership means your partner becomes ineligible for inheritance under the law after you die.
Martin said: ‘If you’ve got assets, do a will, that way you decide where the money goes. A special point to anyone who is co-habiting and you’re not married nor are you a civil partner – ‘If you’ve been living together for 30 years and even if you’ve got nine children, it still means nothing in the law when it comes to a will. Your partner wouldn’t get anything.’
Martin explained to viewers that if you die without a proper will in place, it is up to the state to decide what happens to your house and your assets under the intestacy rules.
He also warned that these rules affect married couples too.
‘It’s also important to note that wills everywhere but Scotland are revoked when you get married, so if you had a will and you got married, you no longer have a will in most cases, so you need to do one again,’ he added. It’s worth everybody being aware of that and also if your circumstances change and you’ve got a will from 20 years ago, leaving it to your ex husband or wife, you might want to change it and make sure it’s up-to-date.”
Martin also highlighted that in the event of dying without a will, the procedures will vary based on the specific region within the United Kingdom where you reside.
He explained: ‘Let’s say in England, the first £320,000 would go to your spouse, your husband or wife. And then the rest, the spouse would get half and the children would get half.
‘And it’s not necessarily what you want which is why you do a will.’
Following on from this discussion, a viewer’s message was then shown to Martin Lewis viewers which said their older brother had died six years ago and had no will. This meant it ended up costing over £35,000 in solicitors’ fees to fix, emphasising the importance of Martin’s message.
Aaron Morris, Chronicle Live
How we can help
Choosing a good solicitor to help you complete your Will is really important and we can give you details of who we’d recommend locally to assist you. This isn’t a free service and it will usually be subject to a fee, however it’s worth doing this to ensure this is done in a reliable and professional way.
In addition you might find it’s useful to speak to us about the whole subject of your estate, your assets and who-you’d-like-to-inherit-what on your death. By understanding your circumstances and your personal wishes we’ll be able to recommend different methods of protecting your loved ones financially, which in addition to a Will could also involve you setting up some protection cover which would pay out on your death, with further options for you to consider if for example, you wanted to provide financial cover to those who matter, in the event that accident or injury (rather than death) prohibits you from working fully or partly in the future and impacts on your earning ability. You’ll also find some information and advice by following this link https://logic-wp.com/to-serve-and-protect/
This is a really crucial and urgent conversation and once you understand the options and have your will and cover/s firmly in place, it will give you and your family huge peace of mind for the future. Nothing can be more important.
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