Martin Lewis Urges Over-55s to Act on Free Wills Month This March
Money saving expert Martin Lewis is calling on individuals aged 55 and older to take a crucial step this March to protect their financial legacy and avoid costly inheritance tax bills. This month marks Free Wills Month, a significant initiative that offers solicitor-drafted wills at no cost, typically valued at hundreds of pounds.
The Importance of Having a Will
In a recent episode of The Martin Lewis Money Show Live on Tuesday, March 3, Lewis emphasized the critical need for having a will. He explained that without a will, intestacy laws dictate how assets are distributed, which may not align with personal wishes. In England, for example, the first £322,000 goes to a spouse, with the remainder split between the spouse and children, leading to potential complexities and unintended outcomes.
Lewis stated: "Free solicitor drafted wills, they usually cost hundreds of pounds. Solicitor drafted is the gold standard. 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."
Benefits of Free Wills Month
The Free Wills Month Scheme, available throughout March for those aged 55 and above, provides access to professional will-writing services. This includes mirror wills for couples, ensuring both parties have consistent and legally sound documents. By acting now, individuals can:
- Save thousands of pounds in potential inheritance tax and legal fees.
- Ensure assets are distributed according to personal preferences.
- Avoid the default intestacy laws that might allocate money to unintended recipients.
While discussing wills can be a sensitive topic, Lewis highlighted that failing to act could result in financial losses and family disputes. He urged viewers to visit FreeWillsMonth.org.uk to access the service and secure their financial future.
Why This Matters Now
With rising costs of living and economic uncertainties, taking proactive steps like drafting a will is more important than ever. Free Wills Month offers a timely opportunity for older adults to safeguard their estates without the usual expense. Lewis's advice underscores the value of planning ahead to prevent unnecessary stress and financial burdens for loved ones.
This initiative not only promotes financial literacy but also encourages community engagement in estate planning, making it a vital resource for anyone looking to protect their legacy.
